Another option is Rustoleum paint. Most claim $50 paint job. But with brushes, rollers, paper, etc. your looking in the range of $150.

Here is the guide: http://www.rickwrench.com/index79master.htm?http://www.rickwrench.com/50dollarpaint.html

Here is a guy who did a awesome job of it: http://www.meguiarsonline.com/forums/showthread.php?t=40341

Its not a high dollar, show job. But it will look decent and keep the rust off for cheap. I am trying this now on my truck, as mu budget was mostly blow on mechanically expenses. Did primer job in the past and in 6 months it was surface rusting, unless epoxy primer is used.

1950 Chevy 3100 Blog w/Pics - http://txchevy50.blogspot.com/
Goal: Clean, Rebuild, Paint, & Drive on a budget. Major restore of components will be done over time.