If done well, color over chrome is a good look for some uses. But, any coating(lacquer, enamel, urethane, epoxy, varnish, shellac, powder coat, phenolic, etc) applied to a mirror smooth surface will not have the durability that it would if applied to one that is properly prepared. If the part is exposed to sunlight, weather, or a lot of expansion/contraction, it will fail faster than it would in a protected indoor environment. When you sandblast chrome do it very lightly. Anything more will cause it to separate and lift, then you have to remove it all.
YES! i've done it several times. make sure the piece is clean, and bake it on looks great. i use mostly transperant colors. i would like to try some of the metel flake powder some time. I did a oil pan with translucent violet, and after 10 years of use it is "pulling back" from the corners. you wouldn't think it was getting to hot?? most guys think a rattle can is quality, but realy, it looks bad after 3 years.