Hello All!
I really appreciate all the great advice and knowledge being passed on my thread. Very helpful! I am not opposed to Powder coating a bike that needs new paint. For the Schwinn SS however, I'm just going to touch it up and get it on the road. I've attached a couple more photos of my bike that will explain/show the paint issues better. I think I have all the necessary materials I need. For the magenta, I will probably touch up with magenta nail polish.

One small question I still have is: If I'm using Rust-Oleum oil based enamel primer and paint, can I clean brushes with Lacquer Thinner? or should I use Mineral Spirits/paint thinner?
(I just happen to have a half gallon of lacquer thinner in the garage which I never use. If it doesn't work, I would take it to the hazardous waste disposal sight and just buy mineral spirits.)