I've been following this thread and decided to chime in. Painted a 65 f^^d for a customer last year with Valspar equipment paint in MF gray. he was looking for a "inexpensive " job and wanted it to look military-ish. well after a year of use and sitting outside in Wisconsin it looks like the day I painted it, with some rust bubbles notwithstanding.(the prep consisted of 2 pads of 60 grit on a DA sander). also painted 3 50's era Harleys in the same paint to match the truck. he used the combo to sell the harleys'. sold all three and have more to do this summer.
long story short - I would not recommend equipment paint unless you know the results you are looking for. especially on a frame off. a quick paint over, maybe. btw I used it though a HVLP gun with thinner and a hardener. 2coats over equip primer.
there-my 2 cents
daren