I've painted around 20 frames, so I can tell you how I've done it. Frame media blasted, then I sand down the frame with fine grit paper. Sanding smooths down the metal but also reveals and imperfection like tiny dings. I use Dupli-Color ready to spray Lacquer paint system. Quart of primer, color and clear totals $70 plus you will need acetone to thin the paint down a bit. Very easy to work with and a very fast set up time. I use a detail paint gun from Harbor Freight that runs $14. Great results and its pretty durable. I had one that didn't turn out so great but that was my error from spraying to thick and not enough time inbetween coats.
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Semper fi