The process you refer to is called bathtub refinishing. This is best done when the existing fixture is in a sound structural condition but has a chip here or there or when the color is old, tired or unsuitable. Repairing chips and refinishing the bathtub will not only improve the longevity of the fixture, it will do wonders to enhance the appearance of your bathroom. Needless to say, this method is not for everyone. If you are planning extensive remodeling and repair work that will require removal of the existing tub, you will find that the cost of a new tub may be only slightly more than the cost of refinishing the existing tub.
Bathtub refinishing contractors tell us that you can expect to spend anywhere from $300 for a standard white finish to about $450 for a special color.
The process includes a chemical cleaning, followed by a chemical etching that prepares the surface to accept the new finish. Then any chips are repaired, and, finally, the new finish is applied. The end result is a smooth porcelain-like surface. Most companies are able to perform the work in a day. Many firms offer a written warranty of one to five years. We have yet to see one for 10 years.
As for as doing the work yourself, we would discourage it - the techniques employed are often patented and required an experienced hand. For appearance, safety and lasting quality, we would suggest putting this ball in a professional's court.