Heck yes! In fact I already did some test runs of the red/black/bronze/verdigris scheme I am thinking of for Waiqar on some reanimates from the Descent Expansion Mists of Bilehall .
I'm aiming for a good table top standard for painting, but will be doing some SCRUM style project management to get there. The basic idea of of SCRUM is that you work towards the smallest identifiable value point first, then the next, then the next. For example, If I base coated, shaded, and highlighted all of the bone on a unit of reanimates and then stopped there, I'd have a really crappy looking, half painted unit. But if I base coat all of the colors first, for every model, they won't look great up close, but will be passable from eye distance. So, step one is base coat all of the colors for one unit. Then do all of the shading, for all of the colors. Then do all of the highlighting for all of the colors. Then I'll do all of the little details like teeth, eye glow, etc. By doing it in these steps, I can stop at any point I get tired or run out of time and still have a coherent, if not amazing looking army at each step.
And I sincerely hope that most, if not all, of the players I play with will also take the time to paint. While I realize that all people come to the game with different goals, one thing that differentiates a minis game from others is the sheer spectacle of it and painting adds a tremendous depth to the experience of the game. In fact, I just consider it good sportsmanship to paint an army with a degree of effort. Not doing so robs your opponent of part of their experience. I'll still play against unpainted armies and will run unpainted units myself as I go along and expand and try new things out, but I do feel it's important to paint.