This should be a pretty easy project. The easiest way would be to tear the bike down so you just have a bare frame to work with. It's a little work, but it'll make the paint job much easier and you'll be able to do a much better job.
For the most part spray paint will work just fine. Take some fine grit sand paper and rough up all the old paint. Make sure you clean off any rust that there might be. The object is to sand enough to make every thing smooth with no clear coat left over. After sanding use some paint thinner and thouroughly clean the frame so that there is no residue or grease left over.
Make sure and tape off any areas where there are bearing fits, ie the where the swingarm bolts on and the bearing for the front forks.
Now it's time to start spraying. Thin coats. I say again, Thin coats of paint. Allow it to dry a few hours between coats and just repeat this until you're happy with the coverage. If you want, you can spray a little clear coat on top to give it some shine.
This is easiest and cheapest way to go. If you want something a little nicer, send it off to be powdercoated.
Good Luck.
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