Honestly, why bother with reflective paint? Just get a good tail light and headlight and call it a day. It'll probably cost less while being more effective.
For taillights, Planet Bike's SuperFlash and Bontrager's Flare are pretty good, and I use a Serfas 250 headlight. They work well, and blinky lights grab people's attention way better than reflective stuff (and I've tried a few methods).
The main reason I'm so biased toward lights is that if you're using only reflective material, you are depending on the motorist to provide the light, and therefore your safety. When I'm on or near a road, I don't depend on other people do do
anything, including turn on their lights. Sometimes reflectors don't light up for the driver until they're too close to do anything about it. That's why I take lighting into my own hands.
I admire that people are trying to develop this reflective paint, but still can't help but think it's a lost cause until we can get cheap, bright,
luminescent paint. *shrugs shoulders*
PS- I don't mean to belabor the point, but this is something I ran into time and again until I got lights on all four sides:
http://ecomodder.com/forum/member-sv...headlights.jpg