I have an old white hi-ten Schwinn bike. The original paint is pocked with small chips throughout the bike. A few of the larger chips have rust, but very minimal rust. The previous owner seemed to address a few larger spots with white paint, but that paint has yellowed and does not really match the original. Overall, it's not horrible, but it's not attractive either.

I was thinking about sanding the frame down by hand, just enough to level out the chips and rust. I might also use a dremel to help with this. I don't really care to invest the time or money to strip it to bare metal. I was planning to spray the entire frame with Krylon Rust Tough Enamel aerosol. It claims to not require primer and is high gloss. I'm hoping to avoid a clearcoat as well.

Needless to say, I'm trying to be cheap and lazy about this. I'm not expecting to give the bike a professional finish, but give it a decent look that will not completely fall apart in a month of use. Am I cutting too many corners?

Also, how many cans of spray paint would this require?
http://www.krylon.com/products/rust_...tative_enamel/