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I think I tried to use it for a touch up several years ago. I wasn't happy with it for that application.
There are several posts around here about redoing the AL grip frames. Most use one form of high temp engine paint, or a bake on finish from Brownells.
yes the alloy in them frames can be a real pain in the butt..I've had them touch up' just fine with Birchwood case aluminum black and others did NOTHING...so it depends,,,,then the paint, ,Krylon has worked for us, and we prefer, the Brownells Aluma hyde, works about the best overall...but as said, use what works for YOU...in the summr we will leave it out in the hot sun, to "set" or you can pop it in the over, on a wire rack and "bake" that helps too, but most all of that is temporary, but at least you can always go back and "redo it" another time, after a bunch of wear............
At about $6 a can it is a very viable substitute for the specialty paints at $20 a can. One thing I like about the ceramic infused paints such as this and Wheeler Cerama-Coat is that they only require a clean surface for application (Wheeler Cerama Coat instructions state: "Blued or Parkerized steel and anodized aluminum can be coated as is. However, if any red rust, corrosion, or oxidation is present, it must be removed in order to assure proper adhesion of Cerama-Coat and to protect the substrate from further deterioration. Light surface rust can be removed using fine steel wool and a penetrating oil or solvent. Severely corroded surfaces should be stripped using a chemical stripper and/or a mechanical means such as a bead or sand blaster, a buffing or sanding wheel, or by hand sanding.")
If you can't bake it on, Brownells Aluma Hyde II that rugerguy mentioned or DuraCoat are good choices.
BTW: Paints have varying degrees of resistance to the various chemicals found in cleaning/ lubricating products. It best to limit (or avoid) exposure time to them. It would probably best to do a test piece and expose it to the products you use.
I had one re-anodized at a plating shop that looked just like original. I also had one brass plated that came out very nice and looked like solid brass. The shop had to plate it with something else first but I don't remember what it was.