for a steel bike: Chemical remover. for a good paint job you need to get all the paint off no grinders, etc
Rattlecan jobs can come out very nicely, but are in no way as durable as automotive paint
steps at a very high level for a steel frame
remove all paint
acid etch primer
sandable primer
sand smooth
multiple thin coats of color, pay careful attention to recoat time...... IMHO easier to plan for a day and recoat as soon as possible
multiple coats of clear
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Life is too short not to ride the best bike you have, as much as you can.