A friend has done his whole E36 M3 in bright orange plasti-dip, looks great. It peels off quite easily (I'm not sure if that's a good thing or not). He let me peel one of the badges off.
I saw it straight after it was done and recently (about 8 months on) and it still looked the business, no obvious bubbles or peeling that I could see... But I was hardly inspecting the thing for paint damage!
He had no spraying experience and said it was easy to apply, I can vouch for the finish he acheived!
Sound good. Can you get any pics?
Er, Plasti Dip?