I wouldn't powdercoat unless it was strictly a show vehicle.

Think about it: if the powdercoat gets a chip (stones, etc.), you can't touch it up and you can't remove it to get to any rust that may start traveling underneath it! It's a nightmare.

I just repainted mine:
See Here

~~ Alan Horvath
1954 Chevy Pickup
Singing his praises in the
Passing Lane