Having done a couple mountain bike builds, I'd say do your homework, amass a list of needed parts and tools (don't forget cables, etc.) and wait for a site (cambria, jenson, etc.) to have a sale or coupon off your total order. It requires patience, but this has panned out well for me in the past.
Too bad you started the stripping, I think the orange is distinctive. My LBS has a deep cherry/red wine Waterford frame on the wall that looks pretty damn sexy but you aren't going to get those kind of results with a rattle can. Maybe go to a couple auto body shops in the area and see what a paint job would cost. You can add accenting later.
As others have said, you need a crank remover for the crank arms. Or if this is something you won't do often/ever again, ask the LBS to do it for a couple bucks.
You might want to measure the width of your rear dropouts as well. An old bike like that may have an odd dimension that a modern "standard sized" hub won't slide into easily.