I am in the same boat, my E30 had a crazed paint job and I basically had 3 days to get SOME paint on it so that it wouldnt rust (mountains with LOTS of salt, i needed a stopgap measure)
I got off all the loose stuff i could and proceeded to primer and paint it using rattle can rustoleum (rusty metal primer and blue paint)
I intend to strip the car and make another go at paint this summer when the weather cooperates and time cooperates, but here is the result of just plain painting over it (not the best looking, but its a good 20 footer)
(the blue was a touch more smurfy then i thought it would be)
as i said, that was a quick "dont let it rust" job to hold it 6 months (and also evaluate look and durability of just rattlecaning it) that is the result of one coat (after primer) and going back and touching thin spots.
my plan calls for stripping the car this summer and probly going the same route again, say what you will, a careful application of rattlecan doesnt look too horrible. The roughness is due to lack of stripping the car (3 days to do the whole job, remember) and lack of prep, the drivers fender I did strip.
when i go back, full strip, 3-4 coats of paint and some wet sanding and buffing is in order. oh yeah, probly using the darker blue rustoleum metal flake.
I am also debating if i want to keep the flat black hood look. (looks too ricer-ish)