Yes I had the old FW done in red Imron, it looks great and Imron is about the most durable paint you can use, but it has to be professionally done, it's too dangerous to spray without the right equipment.
It is expensive to have done, for sure.
There are other options, auto paint can be used, if it is done above the water line.
Also, there are marine paints designed for rolling and tipping by do it yourselfers, that can give good results for a lot less money.
I had the shop do Imron because I wanted to to this only once and I don't have a shop where I could have rolled and tipped it myself. If I had a good place to work I would have strongly considered it.
There are a bunch of threads at both:
http://www.iboats.com (restoration forum)
http://www.thehulltruth.com