Do it all the time. Shooting some that are 5-6 years old. Tape off the shaft with wide painters tape, I usually paint the rear 10". Scuff with Scotchbrite pad and wipe down with denatured alcohol. I mainly cap spray with white for visibility, but if I'm using a color, I spray lightly first with a white or light gray primer to get a truer color, especially on black shafts. Krylon or Rustoleum work well. I crest with Testors model paint, then clear coat with gloss poly for extra protection. Let dry for a couple days, fletch with tape and a drop of Duco and your good to go.