Very bad idea.Mud soaks up water and takes a while for it to evaporate,but if the mudwork was done over bare steel it just started rusting.If the edge wants to keep peeling back and not feather,it's either not dry enough or it's on galvanized steel.Both can be cured by letting it dry longer.The easiest way I like is get it almost there with 80grit,then finish off with 120-150,the choice is yours.The 120 gets you in primer quick,but 180 is better if you're worried about shrinkage.I forgot to mention earlier,red is known to bleed through,but black usually isn't a prob.It is prefered to seal the original finish on an overall though.If you use a black sealer you'll use less paint (or base).