If you are going with a two tone paint job, spray the lighter color first and let it dry for several days. After the light color is sufficiently hardened, mask it off and spray the darker color.
I sprayed my Fuji with Rustoleum Metallic in Cobalt Blue. They don't recommend sanding before applying the clear coat. I think the texture helps bring out the sparkle when the clear coat is applied. It had been repainted before, so it was pretty easy to strip it back to bare metal before spraying primer.
Rustoleum Cobalt Blue Metallic before clear
Rustoleum Cobalt Blue Metallic with clear
1981 Fuji S12-S LTD