Had a google but couldn’t find specifics. Has anybody taken the paint off a frame/fork and lacquered the steel?

I’ve got an old rigid fork, access to a sand blaster, huge compressor, spray booth and spray gun and quite fancy having a bash at it. My idea is to remove all the paint, then mask off a couple of pinstripes down each leg, paint in red, then lacquer the whole lot to keep if from rusting. Anybody done anything like this before, and could recommend any products? Would it be better to use a spray gun, or paint on the lacquer? I’d like to do it on the cheap as it’s my first go, and get the technique/process sorted.