NitroMorse, wire brush, some wet and dry sand paper (get the variety pack) some etch primer and some paint (you chose the color you want) and a can of lacquer
Remove wheels from bike.
Pour on Nitromorse to blister the old paint and scrape off with paint stripping tool, and then use wire brush to remove any little bits.
NB DO NOT GET NITROMORSE ON YOUR BEARINGS UN LESS YOUR REPLACING THEM
Wash with water
Spray with etch primer (2-3 coats will do)
sand with high grit to smooth the primer out.
Spray with your chosen color. (3-4 coats)
Sand this down with some wet 1200 grit or higher to get this nice and smooth
Spray with lacquer
Job done.
Needless to say spray in a well ventilated area and leave in a really hot room / shed for the paint to bake on and speed things up.