I did a search on google and there was some information about how its done. There was a thread here about it but it got buried.
Be careful withthat spray adhesive promoter, it can cause fire. The painter in a shop I was working did it inside the spray booth. He was spraying it in the booth and when he touched it static caught it on fire. He had to pull the fire suppressor.
Seems from what Ive read that you need to prep the piece (scotchbrite or sand) and waterborne primer it. Put the film in the water and add an activator (to release the starch from the film I assume) and dip the piece. Remove the extra film, then remove the part and olet dry. Then add a coat or two of clear or matte finish.
You have to take stuff apart and mask off stuff but it shouldnt be much different than painting it.
I subscribe to Make! magazine and do a lot of projects and this one doesnt seem to be far out of scope. I did bodywork for 15 years and seems like it should be doable, maybe a little practice before doing my rifle barrel but it should be doable.
Im going to try getting some film and stuff to try it out.