Just saw this on C5. Looks like the technique works pretty well!
[ame=http://www.youtube.com/watch?v=UR9inc7aBOM]How to: Plasti-Dip camaro lettering - YouTube[/ame]
[ame=http://www.youtube.com/watch?v=UR9inc7aBOM]How to: Plasti-Dip camaro lettering - YouTube[/ame]