You can Paint Over Rust with it and it's really durable. Also lasts long and you can apply it with a brush and it still comes out nice. I did it on my bike's headers, check the sig for the link. Sorry no closeups.
Most people here will agree that stuff is next to indestructible.
EDIT: Specifically, you want the POR-20 paint, it's basically designed for underbody exhaust tubing.
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