I have a simple stand with a forked tube base and a single 4' upright tube at 10* off vertical with the top 10" bent to another 10* off. The headtube is slipped over the top and released, and the frames own weight holds it in place with every part of the frame exposed and accessible, and the frame stays put as I spray. I have used this same setup for over 25 years and it beats the hell out of hanging a frame from a chain or cable because the frame remains static during the process and cannot spin or drift in the air.

You could do the same thing with any vertical tubing though, even if it was supported by a patio umbrella stand. I would avoid a free-hanging setup if at all possible in favor of a stand that keeps the frame static while you are spraying it.