I wrote this yesterday, but neglected to hit "post", so this is abbreviated. Do a search on here, and you'll find a thread on painting a machine. Of course, there are professionals who will do it differently, but I assume you're an amateur. Basically, you take off everything you can to keep all the chemicals off parts you do not intend to paint. Then you strip the paint with a chemical, fill any low spots with bondo (sp?), sand, apply primer and then paint, usually three or four coats, sanding in between if you want a really nice finish. Then clear-coat or wax. (Amateurs usually use spray cans of auto paint from the autozone and the like.)
I have an old one I started stripping, but decided it was not a job I wanted to do. If I ever go back to it, I'll finish prepping it. I have a neighbor who works in an auto body shop. I'll get him to paint it for me.
bk