i've been working on mine this week... see the "my new metal armor" thread for how i did it.
but yeah, that's the idea.
do the silver, and let that one cure fully. i usually rush everything, but you want the silver to be more durable than the other colors if you're going to do fine scratches later on.
i used a pencil to lightly outline the areas i wanted to remain silver. i used the latex masking fluid to fill in the inside of the pencil marked damage areas. then i did the yellow.
once that was dry i did the same exercise again, this time masking off the parts that i wanted to have the yellow show through on.
i did my green in 2 layers. a lighter green and a darker. in some of the magic of myth photos you can see a lighter green in there, so i did that. particularly on the ab plate, that lighter green shows through a lot on the right hand side. for the ab plate i masked out some scratches with more latex, then did the dark green.
i've found that there's a sort of magic "right time" to peel the paint off. if you wait too long it's hard to get it off. if you do it too soon, it will peel beyond the borders you masked. i usually wait until i can't scratch it with my fingernail.
if you want to experiment with the technique, get some plastic and try it out on that first (i like no parking signs for this). paint it out with the stuff you plan to use and play around.
