The short answer is yes you can. But its probably not the best choice. The newer formulations of the lusterkote spray better but are not as fuel proof. I've been using the flat colors that the car guys use on their R/C car bodies. It dries fast, lays flat, is light weight, and is hard to run. And if it orange peels, you can sand it after its well dried. I then top with the lusterkote clear to fuel proof it. This is good up to about 15% raw nitro. More than that I use good ole dope. Sig sells spraycans of basic colors if you don't have a spray rig.

Mike