Have you tried nail art foil? It is used in hair and nail salons to adorn women's fingernails. It is an ultra thin layer of shiny material applied to the thin plastic backing. After being glued, the plastic film is removed.
The material I use is 4 cm wide and comes in 120 meter long rolls. Many colors are available: silver (shinier than aluminum), holographic silver, and holographic clear are most useful. Gold is also useful for a few patterns. The cost is much more reasonable than you might think.
You can use m77 to apply it. However, I prefer to use thin epoxy like E tex or Devcon 2T thinned with a little denatured alcohol added to either of them. The key is to apply the right amount of epoxy; You should be able to feel the scale texture as you remove the excess with your finger. Use 4 layers of 1/4" craft foam (Michael's) on each side of the lure. Add a board to the top, and compress gradually with C- clamps. When the left over epoxy is cured, release the clamps and remove the plastic.
I did a tutorial on this site earlier using heat transfer foil. Look it up. Many of the finer points still apply. This updates that process a little.
http://www.tackleunderground.com/community/topic/34741-using-heat-transfer-foil-to-chrome-no-machine/