If you take a Scotch Brite pad and scuff it good I would think it would be fine..Def needs a prep to get a bite.
Try some vinyl from a art or paint shop... it holds like a mofo...pick a color, spray the tube with some soap/water solution and cover & trim.. Did a CAI like that and it work fine....easier a less scratch resistant than paint.
I just painted mine because it was all rusty. I jellied the rust, and just sprayed it. It looks fine now. Not sure how it will hold up, but it can't possibly look any worse than the rust.
Best bet would be to sandblast the pipe. Paint (of any kind) doesn't like to stick to chrome. If you can't do that, I'd suggest sanding it really well then etch priming it and painting over that. It might still peel down the road but it will have a better chance.