Could be ok for spokes! I had them powder-coated, first a desert colour base, and then RAL6014, but the combined thickness on both the spokes and the hub gave me problems, I had to remove part of the finish, and no doubt I'll have to re-tension the spokes after a couple of kilometres (sorry, miles )
But I suspect the colour would be at best slightly different to any paint you can get. Having tried one of the home Cadmium plating kits there is an an awfull lot of work getting each component prepared and plated, so that quantity of spokes and nipples would drive you mad. And what happens if you damage a bit of the finish when you are building the wheel, you can't just touch it up again.
I'm currently powder coating all my M20 components, there is no point getting to technical with the finish so long as you are giving th metal work a nice even and hard wearing finish, you have to realise that electroplating techniques wouldn't be authentic, but so long as you achieve the desired finish then great
I realise it would not be authentic, but neither is two pack or acrylic paint.
Unless I cn find a lead paint supplier, then there will have to be a compromise and I just want to get something with a hard wearing and original looking finish.
The 2 pack matt finish may be an alternative, but it is pretty hard to get consistent results unless you can control the temperature and humidity. I've just started to paint my flea and the paint seems to be pretty tough.