Nikon, what area of the country are you located? i'm a pro builder and painter that hangs out here sometimes. Done right, wet paint is the ultimate look. Even doing it yourself it can be expensive just for the materials. I like to use House of Kolor paints because it has all the best options. "painting" should really be called "sanding" because you will spend a lot more time in prep than spraying.

To describe all that is required to do a good job is a bit more than most will be willing to read so i'll just skim the subject. After getting rid of the old paint (or sanding it well down) primer is applied and then sanded. Next I apply a sealer. This helps cover up bare sanding spots and provides a consistent undercoat for the color coats. And it helps with adherence too. A chip is most likely to occur between the primer and color coat rather than between the primer and bare steel. After I put on the color coats, I apply some undercoat clears that protect the color and when sanded provide a smoother surface for the top clear coats. This is when decals are applied and they will probably require their own clears to bury them so they don't leave an edge. And finally the top clear coats are applied to give that glossy appearance. Sometimes if one makes a boo boo the final clears can be buffed out. I use very fine sandpaper and 3 grades of buffing compound for that job.

Because I am a pro, I use pro grade spray guns (I have 7 or 8). It is possible to get a good quality one in the $100 range if your budget is tight. And it can be used for all the different paints if you choose a 1.3mm nozzle size.

I have 5 Chicago made Schwinn Super Sports in my shop some of my local students are using to learn how to paint (I teach painting as well as frame building). H of K has paint that closely matches the Schwinn colors for the 60's and 70's.