I'm sure this will start some more comments.... My business applies many hundred's of gallons a year of liquid coatings. We do have a few things powder coated, but like the thoughts above it is difficult to touch up. It also is applied thick and therefore it is able to chip easier. We would however save money in the short term.... Just not the long term. We do a couple of full frame off restorations a year as well as half a dozen bare metal paint jobs. Our main business is architectural and large scale public art sculpture... We have many options available, but typically settle on a urethane based product due to longevity!
My method for chassis's....
1st choice: Sandblast and Epoxy prime ( DP40LF About $270 for the gallon and quart of DP402LF) and an automotive grade single stage semigloss paint ( about $275 sprayable gallon.
2nd choice: Sandblast and apply SEM rust shield chassis black ( about $100 a gallon ) 3rd choice: Knock off the rust and use SEM rust shield chassis black
I realize most people don't want to spend $800-1000 on getting the frame blasted, and painted, but when will you ever have the opportunity again? You will not use a gallon on just the chassis, but by the time you paint all the parts i.e axles, springs, brackets, engine accessory's, etc. you will end up using the whole thing and wish you had just a little more!