I've painted my frame twice and both times It has been well worth it to strip it down to bare. masking off parts will only mean that some areas will not get the paint they should, while other areas that shouldn't get painted, will. as far as paint goes, first choice is to powdercoat, but that is pricey. I primed with self etching primer the first time, then botched the job with a cheap spray enamel that peeled at the first introduction of fluid. this time I stripped down to bare metal with a sandblaster, primed with self etching primer, and then shot the frame with 3 coats of epoxy paint.
I like the looks and it seems to have some resilience to scuffs and scratches.
hym