Griots Garage website sells an exhaust paint, I have no experience with it but they don't seem to mess around with products that don't work.

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1978 300SD 149K miles silver-blue "Maxine" (mine!)
1979 300SD 318K miles red "Helga" (SOLD)
1980 300SD 321K miles yellow "Linda" (younger daughter's)
1980 300SD 148K miles blue (SOLD)
1980 300SD 153K miles green(parts car, SOLD)
Yes, I have a W116 fetish :-)