It will, but it takes a looooong time to dry. Of course a thinner coat helps, as does thining the color w/ vodka (this makes it easier/less clumpy to paint too). Even so, I've had things under a fan overnight that are still not dried - or at least tacky - the next day. Airbursh colors work better to paint with - and they dry faster.
I have used gel colors thinned w/vodka to paint small projects, but nothing on a large scale, and it turned out alright and dried in a few hours. Good luck!
check out this thread for similar content
http://cakecentral.com/cake-decorating-ftopicp-6356079-.html#6356079
if you need specifics, feel free to pm me if you want, there are a number of "painted" cakes in my gallery
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