A few years ago I found an old Benotto frame on the street that was a half finished project. The paint was mostly stripped and the derailleur hanger chopped off, probably to make it a fixed gear so I built it up as a single speed.
I removed the old paint with a wire brush in an electric drill, and painted with spray cans. Paint was from an auto-store (a GM color, I think) with SprayMax 2k clearcoat on top (2 cans). The new decals were under the clear cost as well.
No the lightest bike but the paint looked great - so great it got stolen a few weeks later.