Hmmmm... Yeah, that would be a good possibility...
... and like all GOOD things, they usually come about from a lot of BAD experiences...
The red stripe will probably turn colors or burn off... but more importantly... the Rustolium primer... if that isn't a 1200 degree paint... will probably blister and burn UNDERNEATH the 1200 degree topcoat.
My best luck was/is to clean the bare metal well, then use a lacquer thinner to thoroughly clean it, and then hit it with the Hot Paint using several light coats. Some paints also speak of a curing process... but all and all... they will need repainting from time to time regardless.
BTW... I find the SILVER colors the hardest to get to adhere for some reason or another... and one time I had huge FLAKES flying off at speed that looked like confetti following the car! HA! I also prefer flat BLACK now... and it makes the tips and red stripes POP over the silver... and I've had much better success with the paint adhering.
You'll probably haveta do this again... but yur young... I thought I noticed a rust hole near the far left exhaust tip also... You might wanna inspect that a bit further and have that welded up if it ain't too far gone first.
Lastly... you might consider using SS bolts, replacing the others after you paint this... as they tend to not rust and give the entire system a much "cleaner look" overall... for only a few bucks more.
A great first attempt... press on!