Best cheap ass way of stripping a frame and painting it with good results?

[chris667]

Materials were just as expensive as a cheap powder coat.

That's the thing - unless you have free paint, it is cheaper to pay someone to powdercoat it.
I used to know someone who did absolutely flawless bike restorations. All in Hammerite. They were beautiful and you certainly couldn't tell they were brushpainted, but the hours of work and materials costs were definitely not "cheap ass", as @bonzobanana has requested.

 

[Gillstay]

Teckaloid enamel is the stuff to use. i used to hand paint motorbike frames and people were impressed. Taught by a guy who hand painted cars that you would have thought to be sprayed.
Lotsa preparation as in all things. Do primer, undercoat and top coat. Remove all dust and warm the paint and the frame on top coats.