Alclad's been reworked a few times over the years but I have used it before, but on model kits, not TFs. It's fiddly to get a constant finish but if you get it right - wow! From memory [of articles in my modelling magazines], apart from foils, it's generally considered the most realistic of the metal finishes.

The instructions in the link for applying need to be followed for a decent result. It will give you a very glossy finish if prepped and applied right (flawless surface, undercoated in gloss black, etc) but also exacerbates even the slightest blemish in the original surface. It is also likely to present finish flaws if not sprayed at the design pressure.

I also find it isn't designed for excessive handling. It will show finger prints which can be removed by polishing (like real chrome); but do it too often and you'll remove the finish. I used cotton gloves for handling painted kits - fine for static models, but not that practical for toys. I think there are sealers but they dull the finish...

The other consideration is that if there is any chrome left on the original part it'll have to be removed first. Enamels will chew through it, not adhere or react with it - giving an inconsistent finish. Relatively easy thing to do on parts you can separate from parts you don't want to treat - spray it with oven cleaner, let sit then scrub off. Normally I'd sand and polish the piece before painting too - again not so easy depending on the part's surface detail.

But in saying all that, if you're talking small, highly detailed parts, it'll probably come up pretty well. The extra effort is really needed for large flat surfaces (like plane fuselages and wings - where a small deviation to a perfectly flat surface will stand out). I imagine friction points will wear very quickly though.