It’s doable, but some things to consider would be:
Cost- you more than likely can’t be done w/o removing the bushings/ball joints which means replacement of those as well. Add that plus labor to remove & reinstall (if not doing yourself) aftermarket may make sense.
Fit- powder coating is a heavy coat, can effect tight tolerances, if doable would want to make sure no coating goes on the inside of bolt/ball joint/bushing holes.
Heat- if the arms can be coated w/ the bushings/ball joints in place need to also be careful of the heat during curing in oven- could melt/degrade these components OR even if removed some AL alloys are sensitive to heat treating & can weaken the part- in the case of the raptor I don’t think that would be an issue but worth checking.
Simpler may be - removing but instead of powdercoat have them painted, anodized, linexd, or (my favorite) done in a cerakote like used in firearms can do different colors & doubles as surface protectant makes cleaning very easy.
Cheap way out- good tape/mask job & use plastidip or spray can paint/clear.....I mean they’re just a-arms