I wanted my bike to look properly shit, so I went for exterior emulsion, waiting for it to go a bit tacky and then brushed over again, so the rough finish would allow things o grow on it.
The downtube cracked a year later, but I’m pretty sure that was more to do with it having spent god knows how long left outside in the 25 years before it made its way to me. Probably.
If I was looking at a decent strip down and repaint, I would 100% give it to a powdercoat shop. Tried my hand at a few things over the years, and messing round with chemicals for hours vs giving someone the frame and £50 and picking it up done definitely falls into the “pay someone else” pile.