I use Krylon exterior textured spray paint. Did an awesome job on mine and is very durable on the stock.
Tank
Did you spray he entire rifle? (action,barrel,scope)
I did it to two different rifles. The first was a 22LR. I masked off the power numbers on the scope and the Turrets. I also masked off the parallax number on the Objective ring. Then I sprayed the whole rifle. I did mask off the bolt openings and put playdoh in the barrel. I masked off the safety as well. Sprayed with primer first and then started the camo process. On the other rifle I only sprayed the barrel and bottom metal.
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Tank
Now, if I paint the barrel and action as well, will it help to prevent rust, or will it speed it up because i can not oil it?
It shouldn't rust at all really. I used a primer coat first. Then using the exterior designed paint, should repel moisture. I haven't found any rust on my rifles yet. Just make sure you ruff the surface with a fine grit sandpaper to give the paint something to stick too. The smith that sand blasted my barrel told me to heat the barrel up with a torch so it is warm to the touch. He said that will help it stick better. I didn't heat it up that much for fear of messing with the strength of the metal. I also removed the action and barrel from the stock so that it was fully coated.
Tank
Well I have decided that I will order some Armacoat and will try and post some pics when everything falls into place. gun)