Sure you can buy already painted jig heads. Fish them for a short time and see how they look. Hell, some of the ones in the stores are already chipped from when their employee dropped them while putting them on the display peg.

I agree the fish likely don't care if the head is chipped. That being said, if I'm taking the time tying up a nice looking jig I'd like it to not look like crap after fishing it a short time.

The vinyl is a three step process. White base coat, color then clear top coat. The finish is glossy and smooth. It may take slightly longer then powder coating but the durability is well worth it in my opinion.