If you want something cheap and yet can be applied to a nice glossy hard finish take a look at Tractor Supply for the Enamels they sell for Tractors. Seriously. I did a Scooter in this paint. International Orange. It came out super nice. I had to thin it a bit to get it to flow and I added a hardener to it but it came super nice. Of course the prep was as intensive as with anything. The brand is Valspar. They sell the hardener too as well as the cut. However, a good gun is always a good idea. The colors are limited to what they have but its fairly cheap but it is also good tough Enamel.
Anything finer than 600 grit will/can be fine enough to fill with paint properly flowing and applied. I prefer to use a Epoxy primer on old prepped metal. Never have a problem with it bonding good and making a good surface after scuffing.
Here is a shot or two of that Paint I did on a theme scooter I built.
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1983 300D-Turbo - Deep Blue w Palomino MB Tex (total loss in fire 1/5/09 RIP)
1995 E320 W124 Polar White/Grey Mushroom MB Tex
2005 F150 Supercrew - Arizona Beige - Lear topper
1985 Piaggio Vespa T5 - Black and Chrome
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