Either way, if you're not going for a real classic look, powdercoat is your best option. A friend of mine who built her own frame at Yamaguchi's school did a semi clear powdercoat.

http://mothattackbikes.blogspot.com/...ercoating.html

It's got a bit of color in it, akin to a celadon pottery glaze. I think it looks amazing, and should be as durable as any other powdercoat. Wet paint can be prettier, but powdercoat can look pretty damn nice, and is just so durable.