+1 for the link posted by demusn1979. Neato and interesting. Thanks for that!
And +1 for N2CH_556's recommendation to check out the Refinishing forum in the Armory section here. Lots of good info and ideas there.
frankiebagadonuts suggestion to go with Krylon can certainly work, and is cost effective to boot. But like bagadonuts sort of stated, the Krylon may not hold up well to being bumped around and such, and can result in a rifle that looks to have 'wear-and-tear' in a short time. Some people don't mind the 'used' look. Others are more particular about keeping their rifle's finish as pristine as possible. It depends on what you want. I rattlecanned a lower receiver a couple years ago. The finish is holding up pretty well, but the gun doesn't get used a ton.
I recently took the Duracoat plunge. I decided to try Duracoat because I couldn't find rattle cans in the color(s) I wanted, and I felt that since I was doing my first complete rifle build with some good parts, I might as well step up the paint thing a notch. I first coated my parts on Father's Day, and aside from a few flubs due to my own screw-ups, I was very pleased with the Duracoat results. But I am still learning. Last weekend I touched up The few mistakes I had originally, and then tried applying a second color just to break things up a little bit. Well, I guess I didn't get the color/hardener mixture right, because the newly applied color turned out much glossier than the original finish. Oh well... Last weekend I thought about trying the pinestraw method, but was sort of apprehensive. Since I want to correct the finish anyways, I'll go the pinestraw route this coming weekend. Still learning...