After some googling I came across 2 really good articles on painting your own vehicle with "Rustoleum", so I figured I was game. The two sites are:
The $50 Paint Job
A Cheapskate’s Paint Job
I used the $50 paint job for reference and Cheapskate's for moral support.
Please keep in mind this did NOT cost $50. It ended up costing me about $175, and 2-3 weeks of "spare time". I wanted to do a 2-tone paint job, so my time investment was doubled.
Apologies, but I did not track individual material costs closely, only the total.
Two quarts of Glossy white Rustoleum
Two quarts of Sunset red Rustoleum
4-6 high density foam rollers and handles
4-6 touch up brushes
2-4 paint tray inserts
1 gallon of mineral spirits.
A few tarps or drop-cloths
A small container to put brushes in
Automotive masking tape
Orbital Sander (or by hand if you're a masochist)
60-grit wet/dry sand-paper
80-grit wet/dry sand-paper
100-grit wet/dry sand-paper
220-grit wet/dry sand-paper
800-grit wet/dry sand-paper
2 Tack cloths
10-12 paint stir sticks
Step 1: Prep work
I decided for a bevvy of reasons that I was not going to do a lot of body work on it. Mostly for the same reasons I'm doing a cheap paint job: utility. Keep in mind, blemishes will show up quite nicely if you choose not to address them. Anyhow, with that being said, after you have the body in the shape you want, it's time to begin sanding off all of the old paint.
I began with some 60-grit paper and an orbital sander. MAKE SURE YOU WEAR YOUR DUST MASK.
It took me about 10 hours and 15 beers to get the paint off. After the 60-grit I went over it quickly with some 220-grit and it came out nicely.
(For what it's worth, I sanded out about 80% of the bondo that was already on it. Id rather have ugly and honest than a sculpture)
Next I did a small amount of bondo to clean up some pin-holes where I had some welding done, then cleaned the whole thing off with a tack cloth.