"The bad welder becomes a good grinder."
"The bad painter becomes a good buffer."
Just finished painting a 58. To get it the way I like it ,I used 1500 grit wetsand, rubbing compound, finishing compound, then polish.The body work and prep is up to you, depending on how much time you have.
The new materials work well, I would suggest a good HVLP paint gun. Lots of info in the paint forum.