agreed on blasting for prep. if you have a powerful enough compressor, you can get a balsting kit for $20 and a bag of sand for $5. Then just whatever you want for safety (you can get a hood sheild for $25 and wear longsleeve shirt, pants, and leather gloves).
If you don't have the resources for blasting, do you best with stripping and sanding. Doesn't need to be bare metal, just rough. Be sure to prep really well, either mineral spirits or some other solvent.
I've used both Rustoleum enamel and powdercoating. The Rustoleum works great for the price. I also used Rustoleum metal primer before painting and then finished with a clear topcoat. Costs about $30 from primer to topcoat. Plus you can adjust to the finish of your liking, flat to gloss. Good gas and wear resistance.
Powdercoating depends on who you get if from. Check the persons work before you decided to go with them. I decided to take mine to the "big city" (2hrs away) with hopes that they've done plenty of professional jobs (when I got there turns out a guy was just doing it out of his garage. I went with him cause he gave a good price and then charged me even less when I went to pay) and knew what they were doing. At first it looked great, but when I went home and looked at it in good light, it wasn't. Some missed areas, "rough" spots, and a couple runs. The chemical resistance wasn't all that great. Gas and carb cleaner dulls the finish and makes the surface feel rough.
I later had some other work done by a guy just a couple miles down the road. Turns out this guy does mass coating work (has an oven large enough to fit a dump truck). He was a little more expensive but his work turned out far better.
Then if you chip, scratch, etc. powdercoating, you're screwed. Paint you can touch it up if you want.