I have! I bought a black frame and covered it completely with reflective tape. I made each part of it a different color, and made decorative "lugs" in contrasting colors. I've been stopped and complimented on the beautiful lugwork (it's a TIG-welded Surly, actually, but thanks).
The tape I used was the "engineering grade" reflective tape they have at Identi-Tape.com. It still looks great after five or six years' use as a beater bike, too. It has a couple of dings and scratches, but hasn't peeled off or anything. It just looks like an exceptionally colorful paint job.
I should take better photos, but this one shows some of it. The back of the rear fender has orange tiger stripes over the blue, too.