I have done one
http://spankmonkey.pinkbike.com/album/Retro-Marin-Restoration/
used palasticoat, primer 5 coats then 4 caots of colour and finally 5 protective coats..
pitfalls – you need a ventilated room and a very steady hand, luckily mine did not run anywhere, you really do need a lot of coats tho or it will chip easily, that said some heli tape will sort that out.
Cost me around £20 all in and a lot of time, you will need to nitromore your frame and sand it down with very fine sand paper, any bits on the frame will show, I took 2 weeks sanding and polishing it. All in just over 1 month of stripping, sanding, and spraying to get a nice finish! but tbh the finish is very good for that effort!