Manny:
I’ve used Dull Cote on many pieces of rolling stock, cabooses and even some engines.
I won a Lionel L&N bay window caboose at a club Christmas raffle 8-10 years ago that had a bright red body and bright yellow end platforms. I just about needed sunglasses when that caboose was on my layout! Dull Cote took care of that real quick making the colors much more muted.
As Mike notes above, I too have found Dull Cote becoming both scarce and expensive. You might want to try using a Rust-Oleum Ultracover product. They make stuff similar to Dull Cote in satin and matte finishes. I started using these products about 18 months ago and have been pleased with them.
Curt