Hi Jam1e,
Just recently stripped and painted a Kona Hahanna. Very instructive as I don't think I would have contemplated doing it with a more expensive frameset.
My experience was that the component removal was fairly straightforward (1/2 day for everything back to a bare frame - may be more if any unserviced parts on the bike)
Stripping back to bare metal was acheived with a wire brush on a drill. There were some minor rust spots on the frame and this cleaned the frame up nicely. Somewhat monotous (although excellent paint prep) and I got through around 3or4 3" disk wire brushes. Definately wear eye protectors. (Another 1/2 day)
Cellulose primer - 2 cans with copious wet and dry sanding in between.
Cellulose topcoat - 2 cans again with wet and dry in between.
Probably around 1 day in total on the primer and 1/2 day topcoat.
I did find the spraying at times exhilarating (ok I don't get out much these days hence the long response.....) and at other times frustrating. Overspray is a real problem on bike frames due to the geometry and a good (GOOD) finish with a topcoat is a lot harder than it looks.
Having said that, I am well chuffed with MY efforts and would definately DIY if in a similiar situation again.
However,
For the time and effort considerations and also the final results, if I was painting my ultimate steel creation I would probably go powder coat as a
ernestrome mentioned. I was quoted £70/ to sandblast and powder coat frame and forks by a local company and will probably try this method on the next frame repaint.
Personally I would not go the hammerite route as it takes an age for hammerite to properly "go off", from that point of view cellulose is quick drying and readily available. (But you should use a mask when spraying cellulose -it's not nice stuff)
Good luck with your paintwork, we expect to see pictures......
Al
(btw if you need decals, Gil_m on this forum sorted me out with some kona'94 decals may be able to help you outl These really set the bikeoff)