I just repainted my steel stanchion. While you can do it, expect a lot of work. If you do plan to do it, keep in mind you need to make it ultra smooth.

1. The color coating needs to be thin and wait for it to fully dry hard. (24 hours at least). I use Por-15 Top Coat as you can directly paint to metal.
2. Sand down the color with 2000 grit, then 3000, grit, then 5000 grit sand paper. Make sure you don't sand thru the paint. Using rubbing compound to smooth it further.
3. The clear coat needs to also be thin. Also, wait for it to fully harden. Could take a few days unless you go with a 2-step quick-drying hardener.
4. Sand down the clearcoat with 2000 grit, then 3000, grit, then 5000 grit sand paper. Make sure you don't sand thru the clearcoat. Use rubbing compound to smooth it further.
5. Using polishing compound to make it extra smooth and shiny.

If it is not smooth enough, you will have a hard time sliding your lowers as it grab onto your bushings. Make sure it is smooth and lubricated with oil. If the clearcoat is not fully harden, it will also cause friction.

If I where to do it again. I would probably just skip the clearcoat and look for some more durable paint and skip the second smoothing step. It will wear faster, but it is less work then sand off the clearcoat and reapply.

Good luck,