Hot Rod did an article on this method in their Winter 2007 Paint & Body edition (cover has a '57 Chevy and a hot blonde both with flames painted on.) No online version (I checked.) I just picked it up the other day, and they painted a '62 Falcon; it looks pretty good, but sounds like a lot of work. To do it right it'll take upwards of 6 coats to get good coverage, with sanding in between and lots of buffing after. Expect it to take about a week. The upside is that it doesn't take any special equipment or a paint booth.

Don't expect a show-quality body from it, but it's a good cheap way to get a decent paint job on a daily driver. I've got some rust to eliminate and will likely be doing the paint with a roller & brush.