No pro builder here but....
In the day, many racers did use Glyptal, as I did, and so did a lot of race engine shops. But, if the theory was to smooth the surfaces of cast iron for the faster return of oil to the pan.....why not merely smooth the valley and other unmachined areas with a cartridge roll, stone or other grinding tool? Btw, most aluminum parts are so smooth the painting likely does nothing. High mileage intended street engines should also skip the paint job as they are more prone to stripping, over time, unlike a low running time race engine.
I'd say skip it 100%, smooth all areas one can reach, especially remove any casting flask and sharp edges, on FE's be sure to enlarge the head drainback holes and call it a day.