I've painted tons of stuff with POR-15. I mostly use a brush, and it's sorta bubbly when I apply, but it has always smoothed itself out. And after a 2nd coat, it's almost completely perfect. I really like the stuff. Also, when i order, I ususally get my order the next day as it's only going from NJ to Long Island.
I've painted my frame, axles, floors, and various brackets and brake calipers and brackets. So far the only thing that make it peel up is brake fluid, but that's a no brainer...
Good stuff...