Most homemade paint jobs are disappointing. Whether you plan to use a compressor or spraycans, consider the environmental and personal impact.
All paints are bad for the environment, wasteful of resources, and poisonous to some degree.
Sand blast with a low pressure and a light sand to remove all traces of the old paint and contaminants. From this point forward, handle the frame only while wearing gloves, or fasten a seat post into it as a handle. Shoot a coat or two of primer. Depending on what type of paint you use the details will vary. Some require a long period of drying before you can reassemble and ride the bike.