i got my frame sandblasted at a local place (20 bucks) then painted by a friend who paints cars (20 bucks) - paint was IMRON, and was applied with a spray gun / compressor combo - turned out amazing.
also have a friend that used steel wool to strip his frame, then applied car spray paint - turned out great but chips easily (but no THAT easily) - the only problem was that it took him incredibly long to strip the frame with steel wool
also - when stripping a frame.. NO NOT touch it with your bare hands (oil in your hands will cause surface rust that can lead to big problems down the road)