Been debating painting my tail lights for quite some time now, and I finally decided to do it. I couldn't be more happy with the results. It was a really easy process and I would personally recommend this method over overlays. Just because there is less chance of error and you don`t need any special skills to do it.
For the paint I used red vht niteshades and rustoleum clear coat.
Here are the lights out of the car ready for painting. (excuse the poor quality on some of them as I took them with a camcorder and I left the fish-eye on in some of them)
All coats of vht done and clear coated.
And here`s a few of them in the car.
I think I might have done like 7 coats of the niteshades and I did 5 coats of clear. I did so many coats of niteshades because i did them really thin as i wasn`t familiar with the paint and didn`t want runs). I waited roughly 15 between each coat and let it dry for about an hour and half then started clear coating, with about 10 minutes between coats. I let the lights sit for the night and most of the next day before i put them back in the car.