Guess I better chime in here.... where to start...?..

Powderecoating that is orange peeled, lumpy or otherwise yucky was applied someone who does boat trailers mainly. The powdercoater that I use knows bicycles. His work rivals my paint.

Powdercoating is far and away, more durable than wet paint.

Powdercoating color choices are more limited than paint colors, but a good powdercoater can custom mix the powders and get close to what you want.

Powdercoating can be used as a base color. You can use most automotive base coat colors over PC.
Mask the headtube & seat tube panels, make the lugs a different color etc. Then you can apply decals.
Now clear with some 2 part automotive clear (wear a filter mask).
If your decals are cut vinyl (from a sign shop), I would put those on OVER the clear.

Or if you only want a metallic color or a pearl colored powdercoat, no decals, you will either have to have an additional coat of clear powdercoat added OR spray 2 part automotive clear.
A clear over metallic & pearl colors is needed because the metal flakes or pearl flakes sit right on the surface. If there is no clear, when you go to clean/polish your bike, you will scratch those little flakes and dull the finish.

So you want a beautiful, bulletproof finish?
Powdercoat a color, clear with paint!

My 2 cents. Did I miss anybody?