Yea TD, usually you can buff out oxidation in gel coat, but once it gets to the point that the flakes are protruding its over with...time to spend alot of money...
Metalflake paint is made up of three layers. The first is a base color which is sprayed onto the hull. The second layer is aluminum flakes in a clear binder that is sprayed over the base coat. Finally a clear coat is sprayed over the flakes.
When I discussed painting my speedboat with a metal flake finish the body shop guy did not want to do it, since the flakes get all over his shop, and make a mess. I would guess it will cost two-three times what a regular paint job goes for.
I used Rustoleum newer "metallic" line of spray paints for my deck. It is pretty metallicy and looks good. This pic doesn't show it well though but this is the color. It has held up well for 2 seasons. I topcoated it with Rustoleum clear.
