Russ,
We painted my 53 2 Ton with Tractor supply Massey Red in 2006, My goal was to get something on the spots that were starting to surface rust badly. I had been told that it would fade quicker than regular paint and that It would look like an old paint job in a couple years. Those folks were trying to discourage me but that's what I was really looking for. 5 years of the truck living outside, I'm pretty happy with how the paint looks, I frequently get comments from folks like "Old paint sure has held up good!". We did end up putting regular primer on the truck and taking most of it down to bare metal when the old paint became a mess.
Here's the process of painting her : http://www.mongosgarage.com/projects/536400/paint.htm
She was so Shiny then it made me Cringe but she's faded out good now. Here's some pictures from this year https://picasaweb.google.com/110211...v1sRgCMe7x6q8tfn1iAE&feat=directlink

Good luck with your paintjob!
MONGO