It will with the proper priming, but it will be thick and heavy and you should sand down to the wood instead. What I realized with the striping on this project is that there will be some layering with the stripes, not too noticeably, but it depends how heavily you spray it.

After you paint it you'll want to sand it smooth and then apply clear coat(s) and wax it. I'm not too familiiar with finishing woods on guitars, but there is a lot of work in the finishing to ensure the paintjob goes unscathed in the future.
i'd like to see how this turns out with that kinda guitar.
you'll have to sand down. or take out the finish.
Yeah, you should sand down most of the finish so that all the existing clearcoat has been removed. It's not absolutely necessary to remove all of the old paint, but doing so will make it smoother and you won't have clumps/lumps of paint in the inside corners etc.
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It's totally unnecessary to sand down the clear coat, or take the finish off the guitar completely. You just can just simply scuff sand the body with 220 grit sandpaper on a hard backer block, primer, color and clear. It's that simple. Check out Re-Ranch, great site.

^ he's right.

Paint wont' stick to a fully finished and buffed guitar, so what your going to want to do is sand the clear coat so that your primer has a rough surface to stick to. Once you have several layers of primer on, I'd sand lightly with 400 grit sand paper to make the surface flat. Then start doing your color work, then clear.

Btw, lespaul rocks: if you only wax it after you clear coat you will get the resulting finish of orange peely goodness. Basically if yo ulook at metal militia's guitar he painted not the metal one.

So to really the the finish flat, is your going to want to spray about 8-15 coats of clear coats relativly thin and a final coat that is a bit thicker. Let it cure for abtou 2 weeks, then sand 800 wet sand gettign the whole body flat with no blemishes in hte finish at all except for sanding scratches. Then sand 1000 wet sand to take out the scratches from teh 800 grit. Then 1500 (or 1200 if you wish) and take out teh scratches from the 1000 grit. Then I usually go 2000 and take otu the 1500 scratches. From there I wipe down the body, and buff it with a rubbing compound you find at an auto supply store for 1200 grit scratches and up. Then I use a swirl remover, and then I'd wax it with caranuba(sp?) car wax.

Assuming you applied a thick enough clayer of clear coat. That guide should give you a flat professional finish every time.