Am i painting this bike frame right?

so far i'v dissasembled the whole bike includeing the bushings inside the neck and crank compartments, i'm planning on striping the paint with acetone and then smothing off any scuffed areas that have ground against concrete with some fine grit sandpaper, i'm then going to suspend it with steel wire and apply the grey base coat of primer leave it to cure then apply about three top coats and let it cure and then apply five clear coats and let it cure.....sound like i'm on the right path?

im going to be applying thin layers of paint using the same method i use to paint my guitars.

hell yeah, seem like you know what your doing..

Don't forget to clean it just prior to painting with a paint prep cleaner.

WHOA.....i didnt do anything like that for mine but i spose if you want it to be really nice than what you are doing is a perfect touch

You have started correctly, but Acetone will not strip paint off your bike, my friend. Buy a chemical paint stripper made for automotive finishes. Some are gels. Gels are better because of the viscosity = more contact time.... it won't just run off. Wear protective gloves and eye protection. Work in a well ventilated area. Get a plastic trash bag to contain the solution as you remove the paint. Even with the chemical you will probably need some steel wool to get the stubborn areas.

Instead of sandpaper you want wet-dry paper. 600 to 800 grit. Wet sand the entire frame and tack it after wiping it dry. Use 2 coats of primer wet sanding each coat (don't forget to tack between each coat after sanding). You are not trying to remove the primer -- only smooth it out.

Three color coats may not be necessary, but if you do wet sand between the first and second coat. You really don't want too much thickness to the paint or you may experience cracking or orange peel. 2-3 coats of clear coat should be enough too.

Before assembly clean out the inside of the frame with compressed air, in case any dirt is loose inside.