I did that to my Blazer about 12 yrs ago. Well most of it anyway. Did the hood, both fenders, both doors, tailgate and the driver's side quarter panel. Had the place put two layers of powder coat by Cardinal on it. Cost was about 2k. All the parts were dent/ding free. Had all the parts chemically stripped at a shop and then they dipped them in zinc phosphate to prevent flash rusting.
Any ways, after about 5 yrs of coastal California fog it started looking like cr*p. I saw bubbles starting to form on the hood, then they grew larger - yep rust. It's at the point now to where I have to replace those panels and traditionally paint it. That's fine, when I first did this I figured it was an experiment to begin with. I have a post on here with pics when I first did it, but I can't find it right now (probably under a different username). When I find it I'll post a link.