........go for it! Nail polish makes great paint, I've got tons of it sitting around. I pick it up at yard sales for next to nothing and the colors are endless. I've found some of the best "bloody" reds on the planet for gills etc. Heres one from my gallery pics Tackleunderground Home - Luremakers Photo Gallery - Hand Carved Slow Sinker
Good luck and post up some pics for us.
Carve on,
daymon