I\'ve used this technique very successfully on kroots, nurglings, furies and a nurgle daemon prince.
See result on daemon prince:
http://photobucket.com/albums/a102/smeilleur/?action=view¤t=IMGP2255.jpg
It is not obvious that he was dipped. Hell, even the base was dipped. 5 hours of painting in all.
The technique is simple. Paint basecolours, paint details (eyes and such), add small highlights or drybrush, dip, shake off excess, dry.
Once dipped in a urethane based stain, NO paint will stick to the model.
The only way I found to paint over it is to varnish it with Testor dullcoat sealant. Then you can use acrylic paint over it.