The Corvette guys have been using the asphalt based paint for years... Apparently getting it from the same supplier too.
http://www.quantaproducts.com/paint/paintindex.html
While it is "correct" for 1960s and early 1970s GM products, it is lousy from the standpoint of durability. As Micky noted, any gasoline, oil, or even exposure to inclement weather will remove it... If you plan to drive the car to any degree, this is NOT the paint to use.
Regards,
Stan Falenski