It depends what your target animal is.
For canines in my opinion it is best to dye/wax your entire trap assembly to protect against odor,the elements, and the usage of anti-freeze if needed which can be hard on equipment. I use mainly chain stakes which get dyed and waxed. My cable and rebar stakes which I still find some use for only get dyed to eliminate odor.
As far as spare s hooks, swivels, j hooks etc I keep a few of those dyed and ready to go with me at all times if I need to trade them out on the line. To do this I just put them in an old metal coffee can with a few holes punched in the bottom and hold them in my trap dying pot with a pair of pliers.
For my water sets I have switched a lot to speed dip or spray paint as both hold up better in the water. For those extra s hooks, swivels, j hooks etc I will just paint/speed dip and store a few for quick use during the season this way they are protected from the elements as scent control is not as much of a concern.