Agree that heat shouldn't be an issue. And most paints should be able to handle the flex. I would think the greatest risk would be abrasion from grit in the airflow. But hey, give it a try - unless you regularly drive on dirt roads, the paint should hold up for some time.
Imron paint would be perfect for this application - the stuff is bullet-proof. The original formulation contained cyanide - there are stories of people killing themselves by spraying it without wearing a respirator. I don't know if the current formulation is gentler. I have a can of the stuff that's about 10 years old, and it contains a strongly-worded safety warning.