I'm with Woody on the thoughts of what paint to use. As far as what paint mother nature can't tear up I'm still looking for that.
But the frame won't see that much sun light so it will last longer as far as fade goes.
Back in the 70's I painted a frame and suspension with Rusto red primer and topped it with Rusto enamel, 2 coats each. It's still there and looking good, cept for stone chips, but I don't know of a paint stones won't chip.
I don't know if Rustoleum is the same as it was, I do know it dries a lot faster now than it used to.
I think the main thing is to get good paint coverage and it will go the distance.
There is still paint on my 52 frame, 58 years later, and if the factory had put on a real good coat of paint there would be very little rust on it, but they gave it a quick shot of paint.
Just a hint- If your going to spray it, remember spray can't get to the cracks which is why I use a brush for that and around bolts and rivets.
Dan