A low friction top coat over a multilayer metal/ceramic bondcoat provides a conductive substrate, such as a rotary tool, with wear resistance and corrosion resistance. The top coat further provides low friction and anti-stickiness as well as high compressive stress. The high compressive stress provided by the top coat protects against degradation of the tool due to abrasion and torsional and cyclic fatigue. Substrate temperature is strictly controlled during the coating process to preserve the bulk properties of the substrate and the coating. The described coating process is particularly useful when applied to shape memory alloys.