This is what I did to a submerged return elbow on a leap of faith:
Varathane Colours in Plastic- plastic enamel by Flecto.
- 2 coats allowing first coat to dry for a few hours before second
- let dry for a couple days
- submerse in pool for a couple weeks
- submerse in my fw tank for a few days and monitor fish behaviour. At the first sign of fish stress here, the whole idea was a gonner. There was no fish stress observed and they actually started using the painted elbow for cover.
- introduce elbow in place in sw tank, monitoring everything closely. There were no negative effects observed.
A couple points.
This was a 2" elbow introduced into a 140 gal tank so the point source for potential toxins leaching was relatively small compared to the water volume. I was "told" this paint was non-toxic when cured. I can't verify if this as this product is not even mentioned on the manufacturers website.
Even though the black return looks snazzy in the tank, I'm not going to press my luck by painting other submerged stuff. Maybe I just got lucky- no way to really tell if and how much the paint was leaching.
Furthermore, a year later the return has covered over in calcareous algae anyway making the whole exercise almost moot anyways.
More in answer to your question, IME latex paint will easily peel off a plastic surface.