By "Head Bolts" do you mean just the exterior bolts and studs on the outside of the head/cam covers? Or the actual bolts that hold the head to the block? (can't imagine why you'd want to paint those but just checking)
"IF" I was doing something like this, I'd be inclined to use electrolysis to coat them in copper, nickel or gold etc.. to keep the coating strong and uber thin.
I'd be wary of any "Paint" flaking off and gumming up the threads as you've mentioned.
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