Ask your powder coat guy if he can do it without filling in the "Trek" embossed at the top of the seat stays. He should be able to.
Nothing rare or special about this frame, and it's pretty beat up, so I wouldn't hesitate to do it if it was mine and I wanted a nice looking, durable finish on it. If you like the original color, you can get a metalflake blue in PC pretty close to it, I'm sure.
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● 1971 Grandis SL ● 1972 Lambert Grand Prix frankenbike ● 1972 Raleigh Super Course fixie ● 1973 Nishiki Semi-Pro ● 1979 Motobecane Grand Jubile ●1980 Apollo "Legnano" ● 1984 Peugeot Vagabond ● 1985 Shogun Prairie Breaker ● 1986 Merckx Super Corsa ● 1987 Schwinn Tempo ● 1988 Schwinn Voyageur ● 1989 Bottechia Team ADR replica ● 1990 Cannondale ST600 ● 1993 Technium RT600 ● 1996 Kona Lava Dome ●