Another idea, though I haven't tried it myself, would be to get some cheap iridescent mineral eyeshadow. I've got a bunch from www.SweetLibertine.com (they're $5 a jar, and last forever, especially if you're only using them for painting

), I bet if you did a basecoat, then a layer of minerals, then a gloss coat, it would look awesome.
Man, I might have to try this, like right now. I'll let you know how it turns out.
Edit: Okay, just went and tried it. I did a small spot of black paint, and a strong application of wet pigment over it - it just looked the color of the eyeshadow, no basecoat seen at all.
Some of the powder fell on another part of the model, which I had primed gray, and I went in with a wet brush and made a thin wash of pigment over that area. You could definitely see the basecoat, both straight on and when held to the side, and at different angles it iridesced differently. I'd recommend sealing the basecoat before putting the pigment on, but it looks like it did the trick!
I now have a shiny purple ork butt.