Yes Indeed -- welcome 50GMC!
Be sure to check out the other areas of the web site -- including the Tech Tips area. In there, we have several project stories that deal with complete frame-off restos like you're doing.
So far, I've done two down to the frame and both times, I just put the frames on saw horses (sturdy ones!) and flipped the frame as needed. On my half ton, I could flip the frame by myself. On the ton and a half, I used the tractor bucket and a chain.
I would highly recommend AGAINST hanging your frame and crawling under it to work. Do you trust the chain and whatever it's attached to with your life?
As to what to finish it with, there are a number of products out there. I've used POR-15 with great success, but Zero Rust works very well, too. Check the Links page for vendors who sell that stuff and shop around. It seems like you can't swing a dead cat around this hobby with out hitting a couple of POR dealers anymore. Anyway, personally, my opinion was that I was never going to have this opportunity again to do the frame so I wanted to use the most durable, armored-plated frame coating I could get my hands on (time is more valuable to me than money -- I can make more money but I can't make more time) so I bit the bullet and went for the gusto.
And like Jeff says, most of em go on good with a brush.
Hope this helps!
Keep us posted on your progress!
And for what it's worth, Swampcat, Peggy and I went to a wedding (buddy of mine from school) in Opelousas. Man, what a good time! (My bud married into a Cajun family) and I have never eaten better!
Regards,
John Milliman