After a trip to Michael's and careful consideration I finally picked "White Gold" as the glitter color. I also bought classic "Silver" but it just seemed a little too second-grade craft project, white gold was much classier (if there is such a thing in the world of glitter).
I carefully covered the entire chandelier in glitter - our basement was full of a lot of fumes, but it just added to the fun. Here's a picture of the chandelier drying - my "glitter station" is on the left (I used wrapping paper to collect the glitter for reuse). If you're considering doing this yourself - make sure you tape off any areas where you don't want glitter. I carefully taped around each socket and the cord so that I didn't end up with a sticky mess.
When it came time to hang the chandelier we ran into a few problems. First the original mounting bracket was too big for our light, so we had to replace it. We also found that the ceiling cap was smaller than the old one, so I had to repair some holes in the ceiling and repaint some trouble areas. Finally, the old fixture was soldered to the house wiring - you never know what you'll find with an old house! Here's Will doing his best to get down the old light.