I painted my exhaust about 3 years ago. It has held up well. It has about 15% surface rust showing currently. Mainly on the tail section.
I wrapped from the collectors to the flex-pipe and that has held up very well.

Here is a picture from 3+ years ago.


2000 SVT #674 13.47 @ 102 - All Motor! It was not broke; Yet I fixed it anyway.