I've done a similar thing on a VW I had but I used a good paint by Nason. You can use a cellulose acetate brushing thinner in the Nason 2 part urethane and get a long lasting glossy result. Just be sure to use a good rust converter on the rust, then an epoxy primer before you resort to the topcoat. It won't be as good as a paintbooth job but will cost much less.
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