Originally Posted by Retro Grouch

There is a third path.

I use a chemical paint remover to completely strip the old frame. Then I sand it, shoot a coat of rattlecan primer and sand it down to what looks like bare metal again. Two or three coats of primer, a week of cure time, three coats of satin black, another week of cure time and I'm good-to-go.

Despite what others will tell you, a rattlecan paint job done this way doesn't chip.

It won't rival a factory paint job and probably won't even look as good as a powder coat job but you get the satisfaction of having done it yourself.