There was a big discussion on doing just this over on Lone Star Holidays forum. One of their big contributors, (and I am willing to bet a instructor at the next Academy) is David Moore with Holiday Coro.
I think the article covers mainly glass mini lights, but I would think that the plastic LED bulbs would work even better.
Most people are using DupliColor's "MetalCast" paints or Krylon's XMetals paint. Both are about $9 a can and not that easy to find.j Plus color choices are limited. Locally, I found the best selection at AutoZone. I also found 3 or 4 different colors at my local WalMart. None at Home Depot or Lowe's.
Some folks are not all that happy with the colors they are getting and some love what they end up with. I think that it depends on the color and how heave a coat you put on. I have used the XMetal red to put stripes on glass and loved it.
Here is the link to the LSH thread; You are not allowed to view links.
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