I tried it on old broken Xt hunters and didn't have much luck. I used a laquer base spray and tried the plain old $.99 cans at Walmart. I put the white on and let it dry then put on a clear coat. The paint was coming right off of the shaft after I fletched the arrows. I tried Fletchtite Platinum and Duravane adhesive and they both did the same thing. The Fletchtite is a laquer base so it should have worked.
For the trouble you are much better off just getting the wraps in my opinion.