Dacon, I've got a stainless steel DPMS lower that I used the Brownells Teflon/Moly finish on.
It's holding up as well as I expected it to wear.
The stainless steel should take a good finish provided you use light coats, the surface is well prepped, and you've cleaned/degreased it as much as possible.
Also strip down that lower so that all the small parts are removed, if you don't want to spray certain areas I put a light coat of vaseline inside the portions I wanted to keep unsprayed. As soon as I was done spraying the part and it was dry to the touch I cleaned out the holes with a Q-tip and a bit of rubbing alcohol, it cleaned up pretty easily for me as the vaseline kept it from adhering to the metal in those areas.
I had no problem doing the small parts as well.
The main problem is with the actual cans of aresol that the Brownell's Teflon/Moly comes in, the stuff really loves to clog nozzles. I highly recommend that you do all the parts you can within one session and don't try to do multiple parts over a couple days. I also shook the ever loving hell out of my cans after having left them out in the sun to warm up a little bit, I also preheated my lower receiver slightly by letting it sit in the sun for awhile(it was during 100degree summer heat).
Many people have complained about the cans of the Brownell's Teflon/Moly clogging up on them.
Here are some pictures of the gun I used the T/M on. On the upper receiver I used the Alumahyde II stuff with better results, originally I did the upper with the T/M but the very slick aluminum made it difficult to get a good adhesion with the T/M. Abrasive blasting off the anodized finish of the upper receiver isn't such a good idea just for recoating it with the T/M, the Alumahyde II is a very durable and high wearing finish and it seems better suited for using on andoized aluminum, just a thought to keep in mind for a day when you might consider doing a whole gun. Also, since Alumahyde II doesn't need to be oven baked to reach full cure you can do all the parts like the pastics other parts that aren't oven safe.
Pics of the gun,
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