I gave this a try on an old skull that was all yellowed. Filled a tote with water, Sprayed in the paint, And slowly dipped the skull into it. This is the result with the paint colors I had. Also like to add that if you try this you may have problems with the paint mixing together.
I had a can of gold and a can of white that just wouldn't work. The white dried to fast, And the gold just wouldn't mix with the other colors. The colors I used were grey for the base, Then I mixed orange, Brown, Grey and a little black. These were all the same brand of paint and mixed well. The paint while mixing on top of the water will turn into a solid sheet on top of the water, This is when you start the dip.
With some practice and the right color paints I could see some nice patterns with this process.