Originally Posted by
bikepro
You cannot use lacquer over anything but lacquer. Lacquer uses lacquer thinner which is a solvent that will soften almost any other type paint. You can only use lacquer over a lacquer primer or a prior coat of lacquer.
Lacquer is not a good paint for a bicycle because it is so soft when it dries. Lacquer was popular in the 40's and 50's as an automotive paint, but for best results, each coat had to be rubbed out before the next coat was applied.
Lacquer is brittle and easily damaged, but it was the mot popular automotive paint well into the 70's, and used for most auto repair work long after that. It does not need to be "rubbed out" between coats, but does require fine-grit sanding and buffing after painting.
The best choice in modern paint is a catalyzed urethane. It can be had in a spray can, but once the catalyst is released into the can, it has a very limted life. Special resperatory protection should be used. A number of companies sell kits for small paint jobs, but most require an air compressor and a spray gun.
http://www.repaintsupply.com/pd_2_part_2k_aerosol.cfm
If the bike is an old one that's not of great value and just needs to look decent, it could be painted with the same type of paint it was primed with. About the only oil-based paint in a spray can is Rustoleum. Enamel is also easily damaged.