Yes. Waterford used this method on the 70th Anniversary Paramount (see "paint and decal" > 3rd photo):

http://www.schwinnbikes.com/paramoun...ery/index.html

Masking tape will almost always come out rough, and the etching product might even bleed underneath.

Unfortunately, I'm not exactly sure what the liquid product is called (haven't asked around about liquid masking fluid; haven't had need for it yet). Check around on some paint detail sites.

-Kurt