You'll kill them as far as DOT is concerned.
This method is what I use to boat proof ungalvanized O2 bottles. It works _almost_ as well as hot dip.
--From an old post on another board-
Sandblasting works on a tank that is not galvanized, and most E bottles won't be. Be wise to check to be sure on a small point though. From the numbers that should be a steel flat to slightly recessed bottom tank and a 1/2" NGT thread valve. If there is ANY hot dip galvanizing on the tank take care to leave it intact. There isn't any better corrosion protection to be had.
A few things to keep in mind. First off use a "soft" abrasive for blasting. Calcium carbonate or walnut shells would be my first choices. You want something that will remove the paint and not work the steel. A wire brush on an angle grinder would work well if the tank is not galvanized. Once you can see bare steel it's time for a phosphoric acid rinse, clean boiling water rinse, and thorough drying to kill any microscopic corrosion followed by a good grade of cold galv. Since you intend to keep the tank on a boat anything less is just an excuse to repaint the tank in a year or so. ZRC is about the best cold Galv on the market but there are several much cheaper alternatives. Be sure it's a true cold galv coating, not just a "zinc rich" paint. You should have well over 90% of the dry film be powdered zinc for a true cold galv. Under a cold galv no primer is necessary or wanted. A second coat of cold galv will prevent any holidays in the coating but is not absolutely necessary, as a true galv will heal over any micro porosity.
Another thing is to be careful not to obliterate the original marking on the tank with too thick a coating on the shoulder. Obliterate or mask those and you get to start over as nobody will fill it. A good even single coat on the numbers is all you need. You'll be retouching that area after each hydro anyway.
If you want it green, go ahead and paint it with Rustoleum or something similar ON TOP of the galv coating. Dont go overboard with the topcoat, as some porosity is needed for the galv to work properly, and plan on redoing it in a couple of years. A hint of color from a spray can 12 to 18" from the tank is enough to identify it in an emergency. The cold galv is providing your corrosion protection, more paint simply adds weight and may actually hurt your corrosion protection. As far as decals go most fill stations will have the shoulder stickers to identify the tank as O2, and they be free most places. Might as well take advantage of it.
Wrapping the tank in an old weight belt web before putting it in the vise to tighten the valve will help protect your new finish. Be sure to prefit the valve hand tight with no tape or compound on it. Count the turns going in and mark the valve outlet location on a piece of tape on the shoulder. This is your "zero point" When doing the final tightening after applying sealer tape or compound you want 3 turns on the valve from this point. (Hint: Without a good vise and an 18" wrench you won't get there.) Maximum Teflon tape is 1 to 1.25 turns of 1/2" wide tape applied 2 threads from the tank end of the valve. Do not expose Teflon to the O2 in the main tank, and torque means nothing on those valve fit ups. More is NOT better on the tape or the turns. 1 to 1.25 turns on the tape and 2.75 to 3.25 on the turns to tight! If it leaks after that get a new valve. The thread is damaged on the old one!
FT