Here's a 58 schwinn I just did. Frame, rims, chainguard, basically all the red parts used 1 1/3 cans of 2X, and one can of rustoleum auto clear coat gloss. No sanding in between coats, no buffing the clear coat. Just paint it and go. Takes about one day to cure.
And no, I'm not a spokesman for rustoleum, but I should be.