As crude as this method may sound, this is the way luxury cars were painted in the early 1900s. Back in the 60s, when I was a kid, I lived next door to a "Restoration Shop" that specialized in pre20s Caddys. In order to do the equivelent of a NCRS resto on these old Caddys this was the way they were painted. Sometimes using 12 coats (hand sanded between each coat). As far as the paint falling off, it is all about the prep work, no different than if the paint was sprayed. Me personally, I don't like sanding that much so I try to spray the paint as smooth as I can. The Rustoleum paint is a very tough paint. It would actually be a better paint than the brittle lacquers that was THE paint to have in the 70s. The urethanes used today are extremely tough paints but if not applied properly are no better than a child's Tempra paint used for finger painting in kindergarten.This is a very feasible option but in my opinion too labor intensive and time consuming. Just my opinion.