I restored an '85 Pinarello with my Dad a few years back. It was his old race bike and had peeling decals and trashed paint so it was really easier to repaint than salvage the existing paintwork.

The process involved paint stripper, some automotive primer, base coat, and clear coat.

Shot it all out of a cheap 15 year old HF 1.7 tip HVLP spray gun. Came out decent. It's all in the prep work as others have said.

Before:


During:


After color:



Finished with clear + decals: