My experience is yes, but only if you're going for flyable, not good looking. At least for Monocoat over Rustoleum Gloss Protective Enamel.
It really depends on the paint, and on the covering material. If the paint melts at a higher temperature than the covering grabs -- you're in like flynn, enjoy the result. Otherwise -- ewww.
Ultracoat works pretty well over Gloss Protective Enamel, if you're careful to stop when it's sticking and be very careful about how you shrink it.
I like Steve's suggestion of using trim solvent, if you are, indeed, just using the stuff for trim.