You can take off old paint easily with a chemical paint stripper. Then on a bare steel frame I'd use a two-part epoxy primer, one $25 can from a speciality automotive paint store is enough and the primer color is light yellow. After that dries you can use a rattle can of pseudo 'epoxy' appliance paint, for example in glossy silver, black, white, or off-white. This appliance paint wouldn't work too well on bare steel but the real epoxy primer under it is rust-protective and very scratch resistant, so the top coat sticks good to it. This process is cheap and fast and you'll end up with frame that looks brand new. Alternately, you could buy another two part epoxy can from the speciality auto paints store and have them mix it to whatever color you like for the top coat. These two-part epoxy rattle-cans are the bees knees for fast durable paint. You pop a divider on the can for the two parts to mix while shaking. They have limited time span for use after being mixed of a few minutes, or maybe a half hour, it's been awhile since I used one. If you live out in the country it might be possible to mail order these cans. There should be no pink bikes in the world.