We did ours with some now-illegal-in-the-state-of-california 2-stage semi-gloss paint that was given to us, and an hplv gun. Scotchbrite pad to scuff existing (badly deteriorated) paint and give the surface some tooth, then shoot away. No sanding, no clearcoat.
Looked great - till we peeled our numbers off the door after Thill in Nov, and some paint came with it - mainly areas where we didn't do a good job scuffing/de-greasing the existing paint - like corners or other crevices.
Great learning experience, lots of fun, looked great - for a while.
Don't be surprised, however, if you get some dirty looks from guys who've worked hard developing their patina. "Pretty" cars aren't generally received with open-arms - doubly so if the car isn't interesting to being with.
"Chief Idiot" - Italian Stallions Rotary X1/9
Class Win (Bad) / IOE Win (Guzzi Fiat 600) / We Got Screwed / GRM Most from Least