I calculated up everything that I would need to buy to properly paint my bike;
sand paper, stipper, putty knife, paint, primer, clear coat, plastic sheeting, masking and duct tape, masks. All of this would total about 60 dollars at home depot.
This would the be total for painting the bike with spray paint, which can chip easily. I called a specialty painting place in town and they quoted me 50$ to sandblast and powder coat my bike. Powder coating is a dry powder which is sprayed on the frame and then baked on. Its an extremely durable coating, and the best one to do with on an everyday use bike. The only problem is that it comes in a limited range of colors--they said they have dark green, which is what I wanted. If they don't have the right color, i can always supplement the color with some vinyl graphics.
Powder coating is sprayed before baking in a large oven. I want to paint the bike British Racing Green, i.e. hunter green.