Ya, I've never done that but know people who have. It can give a decent result but I wouldn't do it on a restoration project.
Regardless of paint and method used, the single most important factor in achieving beautiful, lasting finish is the preparation. That goes for auto parts, bodywork, houses, furniture, etc.
I painted my house and the finish was smooth as glass and no peeling or flaking after 11 years. I spent a lot of time grinding the 90 years of paint off of it down to the bare wood. Sanded, prepped, cleaned, etc before a single coat of oil based primer went on. Then let that dry for a week before 2 coats of acrylic latex went on. I applied it with a brush, not a paint sprayer.
My point is that you can achieve perfection with whatever method you choose, just make sure the bodywork is perfectly straight, perfectly smooth, and hermetically clean before applying the primer and finish.
