Forget the paint near any heat source and stay with plain aluminum screen, which is fireproof and a superb conductor of heat, good where the screen touches a hot exhaust pipe or muffler. You want it to breathe so as not to trap heat under the car.
Use several pieces of ~1/8" wall thickness 90 degree aluminum "L" angle stock as stringers under the screen to hold it taught and in place, with the stuff oriented parallel to the long axis of the car. This will act as flow fences, channeling the flow rearward and lessening turbulence. In effect, this will act the same way as the channels seen on the roof sides of NASCAR racers.
Flow fences, btw, are an excellent, simple, and cheap way to keep the airflow rearward rather than degrading into eddies or backflow. Old MiG fighters used this trick a lot.
Another possibility for areas free of heat and fire hazard would be to use dacron or mylar, fitted and stretched tight. Once so fitted, use a heat gun to shrink the dacron or mylar to an exact, smooth and tight fit. That's how they do it on modern fabric-covered aircraft wings and fuselages. Once the dacron is taught, they dope it to preserve, waterproof, and seal. Kayaks and some canoes also use this method. However, it's flammable. Being tight, it will probably be drum-like, and make a booming noise.
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