I have spent the entire night rubbing down my $5 (garage sale) Miyata 710. I tried everything to get the white spray paint (over spray) off the frame but nothing worked. I was forced to use 000 steel wool. It got the over spray off and I worked it just hard enough to rough up the sealant. I then took rubbing compound and worked it in all over the frame to smooth it all out again and well, it's purdy.

The cardinal red really pops.
But the verdict is in and I will be powdercoating it.
It is just way too scratched, chipped, gouged and what-not. Most of the deep cuts go all the way to the bare metal.
Before

After
Before
After
Before
After
Its just too far gone in my opinion.