Someone I work with just did the same and said it came out great.
If its aluminum, and the existing paint is chalky, the most important part would be the prep to make sure you get it down to good (non-chalky) paint so the new paint has something to adhere to. Might take some elbow grease to rough it all up, but it sounds like its a good solution to the problem.
The other alternative is to pay an arm and a leg and have cantilever coping put in like my wife made me do last year
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