I use IH paint in rattle cans. I have a compressor and gun but little experience with it and no good place to use it. I also like the rattle cans for convenience--no clean up and you can paint a few items at a time without a lot of prep time.
I generally sand to good original paint and to remove any rust. Small parts I will sandblast or take to a shop to have this done. I prime and paint myself. I've used Rustoleum Rust Reformer for some parts (primarily decks) where total removal of the rust wouldn't leave much else.
Do as much or as little as you want. It's your tractor!
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