Years ago, I had rust coming through the paint on my Bridgestone RB-2. I sanded the rust to bare metal and sanded most everywhere else I could reach with the sandpaper then had the frame bead blasted. I made sure to wipe it down thoroughly with mineral spirits before applying primer. I sprayed it with Rustoleum primer and finish paint in spray cans, lightly coating several times rather than one thick coat and it has held up very well. It hasn't chipped or cracked anywhere, and though I made no effort to duplicate the factory paint scheme or get replacement decals, I like it. I made a fade transition from deep blue tubing to white at the dropouts. Preparation is everything, just make sure you don't spray too much at once and get a run in the paint. IMO a thick coating sprayed in one pass is more likely to chip than several thin layers. . .applied before the previous coat has fully cured but after it has dried somewhat.