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I just did a bunch of my interior parts last weekend with a quart of SEM dye sprayed with a gravity feed gun at 20 PSI, light coat followed by quite a heavy coat.
Spray bombed the parts with plastic/leather prep prior to application, then sprayed the color with the gun, and I am really very happy with how they came out. VERY easy to spray without making mistakes, great coverage, looks perfect.. I can't tell you anything about wear, though.
So my vote goes for sprayed--with a gun. I think I've seen posts of guys having good results with aerosols, but I just didn't think that was the way for me.
I tried that duplicolor stuff from the local auto parts stores and it was no good, doesn't take much to nick it and once it does it peels off in sheets. I ended up redoing mine with the stuff from mid-America and so far it seems like a much better product.
The SEM dye is probably a better route though. I think most of the aerosol products are actually just paint, even though they say it's dye. Dye penetrates and doesn't flake off... only paint does that.