I posted about doing this in my own house eons ago on this board. It worked out well, and the finish has held up beautifully over the last three years. Here's a link to the original post:

http://www.bobvila.com/wwwboard/messages/76048.html

And here's a fairly recent pic (don't mind the bike frame in there) if you want to see the finished product:

http://www.aggrobikes.com/jay/newevo.jpg