Powder coat is relatively inexpensive and durable. Decals, however, go on the outside, you can see the edge, and there's no way to clear coat them properly. I keep reading about people who know it can be done, but "pics or it didn't happen".
Imron "wet paint" is very durable, not quite in the league of powder coat, but you can have it all - durability, clear coat over decals, two or more colors, but you'll also pay for it.
Rattle can paint jobs give you full control, but they're typically at the bottom of the durability list, from what I read.
How about a hybrid paint job? Mask off the head tube and any panels you want and powder coat the rest. Choose the high wear areas for powder coat. Top tubes get scraped up, all the stays - got chrome lugs? Mask them as well. When you get the frame back from the powder coaters, reverse the masking, do etching primer, primer, and top coat. Put on the water slide decals, then clear coat.
