The way it was explained to me by Jim(?) at Dr. Stripper, if you don't have any nicks or cuts on the powder coat, you can paint over it as long as you prime it good. However, if you have cuts, nicks, or peeling on the powdercoat, you shouldn't paint over it as chances are you already have some corrosion happening under there that will eventually bubble through the paint.
Hope that helps.
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