I would suggest Eastwoods stainless heat paint...I have thinned it with laquer thinner and sprayed it on exhaust pipes then fired the car up to set it....works great and looks great too-fairly low cost as it goes a lot further sprayed than brushing it on does.....
I have a few friends who do that to their pipes, it fades in about a month or two if you’re a daily driver. So keep some in stock to keep reapplying.
I used it on a 4cyl and had it flaking off in two weeks from the exhaust manifold to about 2 ft back from there it stayed fine
We brush-painted the duals on my Dad's 390-powered '56 Vicky with white rustoleum in 1980. Most of it was still on there when he sold it in 1985. Did just like wavy said: peeled a couple feet back from the motor on each side and that was it.
Most paint companies say it's OK to do the tailpipes, but not mufflers or forward of the muffs. I like POR20 and brush most of my systems before installation, then do the welds afterward. The silver is obnoxious at first, but mellows out after 6 months of use and doesn't burn off, even headers.
If you're good with black, the BBQ paint holds up fairly well on pipes. I have used it many times on motorcycle exhausts....
DON'T use regular rustoleum on anything that gets hot. I painted my trans flat black and it g***ed off noxious fumes into my ****pit for weeks! BBQ black works well.. i used it on my headers no problem.
I've got Rustolium on my exhaust tip. Been there for a year or so, with no problems. I've also used it on brake calipers with excellent results. Conversly, I used it on a VW header/muffler and you coult tell EXACTLY wher the hot spots were because the pipes and center of the muffler turned from satin black to white powder.