Exactly this. I've done a couple of sets now and it's taken me hours and cost a small fortune in materials. You'll get a reasonable finish if you take your time, though I wouldn't fancy masking all the Allen bolts up...
A couple of examples which I've done over the last couple of years.
Jeep before: -
Jeep after: -
Subaru before: -
Subaru after: -
They looked presentable at the end, though the preparation work literally took hours, especially on the Subaru ones which were well past their prime and a combination of diamond cut and powder coated.
Would I do it again? Probably, but I'm a glutton for punishment.