i've had bikes frames powder coated for 80.00 complete. everyone above is right on. If you factor the time it takes to disassemble frame (correctly with proper tools) , clean,strip,prime,paint,clear. 80.00 is worth every penny....not to mention spray paint will chip first time out. If you're going after this as a learning type exercise maybe it's worth it. this frame was powder coated by streetworks locally.
Untitled by
stanridgespeed bicycles, on Flickr