I have done it, it works and looks good. But that was with the paint that TSC used to carry. They now carry a different brand of paint and I have read on the internet that it's not as good as the older paint they carried(I believe it was Valspar, now it's some sort of "Majic" paint).
This is not a new idea, you can find lots of people use this paint for this purpose. If you use it on a vehicle, you will find it will start fading after about a year being out in the weather. I never did buff my paint job out, but I believe you could after about a year and bring it back. It's very easy to paint with depending on what you use to thin it with. I used very slow drying paint thinner. If you use something stronger that dries faster, you will avoid bugs and dirt better, but overspray can become a problem. For instance, if you are spraying the hood and do one half at a time, if the paint dries very fast, you can get overspray on the first half while doing the second half. If you get a slower drying thinner, the overspray will melt right in to the previously done half.
They say the newer paint runs easily and does not cover as well. But I have not personally tried it yet.