Shoot, you could paint it with krylon for a lot less than you could do it in monokote! Your friend isn't talking with facts. If you take it to a body man, sure its going to cost a lot. If you can cover it, you can paint it.

Sand it, prime it lightly, paint it lightly for color and go. A grand for paint on that would be ludicris. Monokote would be a nightmare. Orocover like stated would better, but it isn't something I would try on something like that!