Yes, bullets can be spray painted, it gives the same results as powder coating, which is dry paint powder.

I have been shooting and casting bullets in both pistols and rifles for more than 65 years. I have tried powder coating, spray painting and polymer coating of my bullets and have finally decided that none of those methods gives me any advantage at all over the traditional lubricating with beeswax based lubricants. Simply sizing and lubrication is simpler and quicker, and prevents leading as well as any of the other methods, which is the usual reason promoted for all the various coating methods.

I have also used nearly all of the boutique (expensive) bullet lubes on the market and have settled on Saeco Green, available from Forster (NOT FORESTER!) which prevents leading better than any of the expensive ones. Years ago I was given the formula for Saeco Green by a former Saeco factory representative. I make batches of 5-10 pounds for less per pound than a single stick of the commercial lube! You can buy candle wax die and make it any color you want.

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Gunsmithing since 1961