MDO would work. just prime and paint it. where you want to smalt, mix 1/2 Smith's cream with 1/2 paint (black for black smalt) and brush that on. then sprinkle on the smalt nice and thick. the next day you can turn the sign over and shake off the excess and ta da! I usually use a good redwood or other good wood for these kinds of signs but the MDO should be OK. I have done it on aluminum just for a sample but it's never been outside so I can't say for sure that it works OK. I have one of my redwood signs that we took down for a customer after it was installed for a few years and the smalt is still looking really good.
I use oil based paint, no latex and I have no idea if latex can be used