Next with the bike frame.This is a huge area of debate. So do your research before you touch the frame and most importantly the paint. I have done considerable amounts and it all comes down to, what is you purpose for the bike.
2. If you want an older bike that still looks original and you don't expect selling it, at least for much money, then you can refinish the bike (600 grit wet sand paper to remove patina, then clear coat) or do use touch-up paint (good luck color matching).
3. If you want a bike that looks new but has old style and feel, then re-paint it. You won't be able to sell it for much money but that should not be your purpose if choosing this option.
For this project I chose option #3. My wife likes things clean and shiny. Plus she wanted a white bike, and those are about impossible to find with original paint. So from here you have several options for re-painting a bike:
1. Take the bike to a professional body shop where they will sand blast the frame then powder coat it. This way the bike basically be brand new and the paint is very durable. The price varies considerably but expect in the hundreds.
For this project I chose Option #3 just to see how well it works. If it doesn't look good or end up being very durable then I will invest in the spray gun.
So quick RE-cap of my process:
1. Angle grinder to remove bulk of paint
2. Drill attachment/ sand paper to remove in crevices
3. Wipe down very well to remove oils
4. Plug holes and hang with coat hangers
5. Spray 2 light coats of primer
6. After 24 hours, use 600 grit wet sand paper to smooth problem areas and give good surface adhesion
7. Spray 2 light coats of Base color
8. After 24 hours, use 600 grit wet sand paper
9. Spray 2 light coats of Base color
10. After 24 hours, use 600 grit wet sand paper
11. Spray 2 light coats of Base color
12. After 24 hours, use 600 grit wet sand paper
13. Spray 2 light coats of clear coat
14. Allow a week before reassembly
I think the next bike I'll try the paint sprayer and report back on that.