Thanks for the response. Well, the bike is about 23 years old and costs less than half the price of a powder coat, so it doesn't make sense to put that much money into the job. I guess I can either just avoid the rattle can job altogether, touch up all the chips with nail polish or strip the entire thing and give it a proper rattle can job. Powder coat is out of the question though.

I don't care to sand it down to bare metal because I don't have a grinder or sander, making it a time-consuming process. Anyone have suggestions for a guy whose only power tools consist of a drill and a dremel?