My dad and I are doing a frame-off resto of our BN2/100M. Dad's restored quite a few cars before, but we're doing our best on this one because it's a father/son project and a fairly valuable car. We've learned a lot through trial-and-error.
Dad took most of the paint off the shrouds with chemical paint stripper and a scraper. I think the chemical remover will do the job on any paint if it's used correctly. We sand blasted the steel panels but also used chemical stripper and a Readi-Strip wheel. Use a 4.5in grinder for the strip wheel; a drill won't cut it. I think a sander disk would work fine too, but wouldn't use it to go to bare metal on the aluminum parts.
Use a two-part (paint & catalyst) epoxy primer-sealer over the (clean) bare metal ASAP. You'll likely want to thin it a tad more than 'normal' else it goes on pretty lumpy. You need a 1.8mm nozzle for the thick primer; the large gun in this set comes with 1.4mm and 1.8mm nozzles:
HF paint gun kit 1
These guns aren't bad, but we ruined the O-rings on the big one by using the wrong solvent (lacquer thinner) to clean it, so we bought this one:
HF paint gun kit 2
It's better quality overall--note the brass fittings and knobs and the locknuts on the adjustments--but only has a 1.4mm nozzle.
You'll probably want a couple coats of the primer to cover small imperfections in the metal. You can double-coat the paint when it's wet, or let it cure and sand. 320-grit paper is appropriate between coats (for primer and color coats). A red scuff pad works well, too; you want enough 'tooth' for subsequent coats to stick. Sanding is best for smoothing the metal, use the scuff pad for tooth if you're happy with the surface. The scuff pad is great for getting into tight, rough spots like panel flanges and the channels around the bonnet and boot openings.
We spent hours tapping out dents as much as possible, then used Evercoat Rage body filler and Glaze; seems to be what the 'pros' prefer (you can apply them over primer if you sand/scuff, but you'll need to primer again):
Body fillers
We're using a single stage PPG polyurethane paint. PPG has at least two grades of paint, we used the 'cheaper'--cheaper being a relative term--grade but it is satisfactory. The key to applying paint is to put it on as thick as you can without getting runs (easier said than done). If you double-coat, you have to do it quickly else the first coat will tack up and prevent the next from flowing (read: massive orange peel). Before we shoot, we use a spray-can grease remover applied with a microfiber cloth (Dad thinks it doesn't make sense to use a waxy tack cloth). Spray the cleaner on the cloth, then wipe (don't spray it on the panel).
Sand between coats with the 320-grit paper and/or the red scuff pad. This company makes some excellent products:
Softsanders
I've called there and gotten the owner, Dave, on the phone late at night (they're in Georgia). Nice as they come, and more than happy to share tips and info. Their paper and blocks are the bomb (tell him 'Bob from California' sent you).
When happy with the color coat, sand with 2000-grit wet/dry and polish if necessary. If you decide on two-stage (color/clear)--we didn't--the color coat doesn't have to be polished to a shine, but the clear coat(s) may need it.
You'll have to have a good compressor; no two ways about it. You need a steady 35-40psi at the gun--clean and dry, of course--which should get cut down to 10-15psi at the gun cap. Get a good respirator if you don't have one; the catalysts and solvents are nasty (and you don't want the paint solids in your lungs, either).
Good luck and have fun.