I have a 3-car garage, so I just masked the walls with plastic drop clothes and painted it in there. I used a single-stage air compressor with a spray gun. The paint wasn't even really "automotive" paint. I chose a heavy duty oil-based Rustoleum specialy designed for rusty metal. I thinned it with about 20% Mineral Spirits, and it all came out pretty nice. The paint dried to the touch in about 5-6 hours, and I let it cure for about 4 days in the garage with a de-humidifier running. This process all worked very well, for anyone interested in painting there old Toy!! 
Cool. That paint to mineral spirits ratio can be tricky to get right I hear.
I plan on using boat paint (Interlux Brightside) and rolling it on using foam rollers.
