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...that's probably about what I would do if I absolutely could not get decals. Color matching can be a real PIA when you are trying to spot paint unless you paint an entire frame tube, or maybe the stays. So if I can, if I'm painting something over the original paint (assuming it is still pretty soundly attached ...most are). It is inevitably simpler to just sand off the original decals, rough everything, and then spray the whole frame. Masking can be quite tedious, depending on how much color shows through the decals.

But yes, get the color and labeling to your satisfaction, then clear over everything with something like Spraymax 2K clear is what I do now, mostly.

I would probably sand the fork separately, and maybe use a hi build auto primer product for the pitting. I can live without fork decals, assuming any are present. Then clear coat and as a final step, the same can of urethane paints both frame and fork.