I had real flames on mine.....oh wait, thats why I'm rewiring the truck....
in all seriousness, yeah you can do it, I painted my block and trans the color of the truck, took a little time in prep work and was a pain with all the dips and valleys, but came out beutiful! and with the high gloss it is pretty easy to keep clean....the drawback, if you smoke a water pump, ( I was using a stock H2O pump) of need to change something the chips and scratches show lots better than a simple black, good part is you can see your leaks and take care of them