I know this is an ancient thread, but perhaps it's useful for future seekers.
I make bucktail jig heads (feverfishing.com). I don't use lead though. I make use of bismuth. Far better for the environment.
I've used lead before though; principles are the same.
For best results with this sort of coating, I use a powder paint (Pro-Tec; imported). I built a liquid bed from plastic parts and a fish tank pump, mounted to a board (see attached photo).
After you've cast your lure, heat over open flame and dip it into the liquid bed. Works fantastic. Far better than dunking the lure straight into a powder paint container. The lure gets an even coat.
Once you've dipped it, heat up again, dip into liquid bed again. Do this two, three or four times.
To add additional colours, I make use of a small paint brush, which I dip into one of the powder paint accent colours.
Then I heat the spot I want coated with the accent colour over an open flame and tap the paint off of the brush onto the lure.
Heat the spot again, tap some more paint onto it. Do this three or four times.
Then bake your lure in an oven for 45 minutes. I've got the temperature down pat for bismuth, but can't remember lead anymore. I think it's something like 225 deg Celsius. Or maybe slightly lower. 200 maybe. Really can't remember now.
I make use of an oven thermometer, since I use one of those cheap little stoves. It's crucial to get your temperature correct, especially with bismuth.
Once your lure is baked, remove from the oven and add a tail.