I don't know much about pait but you can't steel wool and leave it alone. the paint will be too porous and will be susceptable to rust. you may be able to put a matte clearcoat over it.
Bianchi had a black matte or satin finish bike in the late '80s and it was very acctractive.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk