you can spray it for sure - we've used it for years on our race car chassis and roll cages. Its cheap, easy to fix every week, and the yellow/whites show any cracks after wrecks or weld failures.

Shine doesn't matter for that, but I'm sure it would sand and rub out with a long enough dry time. We spray it straight or 10% mineral spirits, depending on the temps. Most of our work is in the winter in a 50 degree shop...