Retro Grouch 

Honestly, You're talking about learning to completely disassemble and reassemble your bike and learning to paint a tubing structure (which is different from spray painting a flat surface). It's good you are asking this question in December because I think that's a pretty major undertaking. Even if you already own the necessary tools, the materials alone will cost more than the bike is probably worth. If it was my beater bike, I'd leave it.