NewCastle420,
A better place to post this would be in the Hardbaits section of the forum. I think you'll get more responses.
That said: If you are going to cover the entire lure with paint, you'll need to use a transparent paint. It will allow the foil to show through the paint. And, yes, I would suggest that you clearcoat the foil before you paint and then clear it again after you paint.
Gene