If your after a really good finish it takes a lot of time and effort and consumables to fully strip back – prime/respray/lacquer from scratch…
But if you just want a quick and dirty tidy up, strip the parts from the frame, rough up the existing paint finish with wet ‘n’ dry, mask off the headtube/BB and just apply you chosen plasticote or Hammerite spray over the top in thin even coats, take a bit of care and it will look great… right up until you take it for a ride… then it will get scuffed and look about as crap as it did before…
If you just want a plain black frame I’m quite a fan of Hammerite’s BBQ paint (No seriously) it’s cheap, black and when it starts to rub off you can simply rub back the area and spray a bit more on…
Obviously a powder coating is a slightly better, tougher option and possibly a touch cheaper too…
As for the wheels, leave ’em I reckon. Painted up wheels always look shite and chip within a couple of seconds… FACT!