several light coats rather than one thick coat. start the spray off the bike, then sweep the spray across the frame, ending off of it again (so it doesn't build up thicker in one area).

don't use krylon, the stuff sucks. use any of the rustoleum brands (rusto, painters touch, american accents). all the AA colors are matt, and they have a couple cool, different kinds of grey (london fog is bad ass).

clear coat the same way if you want it shiny and protected.

wait atleast 24 hours before putting it back together if you can. the paint dries fast, but takes longer to really 'set'. it'll chip easy otherwise.