I've sprayed a few frames and a bunch of smaller parts over the years: forks, stems, etc. with good success or results I was happy with.
Until I had a need for fluorescent green recently painting an old Klein frame I'd only used Rust-oleam products and Dupli-Color automotive rattle cans (Home Depot or Canadian Tire) when I needed a more unique colour. Finished with Rust-oleam glossy clear they've always come out nice.
I tried spay.bike and was not happy with the results. Not to say others have not achieved good results but, feeling I had lot's of experience going in based on past successes it ended up being a lot of wasted time and money for me. It indeed comes out as a powdery mist and this mist hangs in the air often settling in nooks and crannies, you need to be able to spray within about an inch of the surface which is tough in some areas to avoid powdery build up. When the time comes for the next coat these sandpaper like sections are a big challenge, or were for me. I found it impossible to achieve a smooth paint finish. The youtuber Oldshovel has pulled off some amazing paint jobs with spray.bike so it can be done but I'd be cautious using it.
I've also tried Montana and it was very hard to keep smooth but much more manageable compared to spray.bike (for me), lots of wet sanding between coats but in the end achieved a fluorescent green finish I'm quite pleased with.
The next time I re-spray a frame it'll be with Rust-oleam products and Dupli-Color automotive rattle cans or similar which I'm more comfortable with, not hard to get a smooth finish, just need to be careful of runs.