Hi,
There are a number of ways to finish a frame, each with some good and bad points.
One alternative is POR15 (Google for info if interested, it's sold online).
It can be sprayed on, but is most often brushed on. The one catch is that it needs to be put directly onto bare metal, not over the primer you have used. (Most Rustoleum primers are pretty easily removed with acetone, though.)
POR15 is also nasty if you get it onto anywhere you don't want it: clothing, skin or a garage floor. It has to be removed immediately or just left to wear off, which can take a long, long time!
There are other similar paint coatings, from Eastwood (
www.eastwoodco.com if I recall correctly) for example. This type of paint is extra durable, some of it approaching the durability of powder coating. It forms a really non-porous surface and cures even harder and toughter in the presence of any moisture.
Both POR15 and powder coating can be very difficult to remove, if any repair work is ever needed or you ever decide to change colors. They can also be difficult to touch up, if any damage occurs.
Some POR15 and powder coatings are not UV-proof. They will fade and discolor when exposed to UV-spectrum light (a surprising amount of which finds it's way up underneath the fenders on my motorcycle for example, which were coated on the inside with silver POR15 a few years ago... the paint is still fine and holds a good seal in spite of discoloration on the surface).
Powder coating requires heat in an oven to cure, so generally cannot be used over most kinds of plastic filler (i.e., Bondo), requires pretty complete disassembly and all meltable rubber, plastic, etc. parts be stripped off the item to be coated.
Another possiblity it epoxy paint. That's an alternative often used by pro restorers working on an old frame.
Powder coating needs to be well applied. Because an electrical or static charge is used in the process, it can "bounce" out of tight corners, for example, leaving a too-thin coating or exposed metal. Also, if the surface isn't well prepped, PC might lift and actually create a pocket that catches and traps water.
Racers avoid thicker coatings like POR15 or powder coat, specifically because it tends to hide any cracking at welds, etc., making it hard to spot problems. For that reason, I'd suggest a-arms and other suspension parts be painted with a thin coat of engine paint (black, if that's what you want, is available in various low to high gloss formulas, to closely match whatever else you do).
Racers also often paint frames a lighter color, to make future inspections easier and help reveal problems.
None of these coatings do anything for the hidden, inside areas of a frame... and most often Triumph frames (and others) rust from the inside out. So, injecting some sort of rust preventative (Waxoyl is one type) really is a good idea, too. That often means drilling some holes that are later plugged, so might best be done before painting.
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