There's a write up in Hot Rod this month on that process. I'd try it on a rat rod, but can't imagine trying to pull that off on something I cared about.
i've done a test on my motorcycle tank. actually i've posted in that thread a number of times. with some wetsanding and polishing it comes out as flat and as shiny as any other paintjob i've seen. i'm painting my track bike that way but i've been sidetracked for some time.
I've gotten tons of industrial Enamels at work and thin them down same way and painted cars/trucks/vans/bikes/boats with the same methods ... They have all c0me out OK but longevity is not good (several years)