Hammer,
Try contacting Charles C. Wood and Co, PO Box 179, Hartford, Ohio, 44424-0179, phone (330) 772-5177. He manufactures and sells a line of paints formulated to closely match original Lionel colors. (And other makes as well.)
I have used his spray-can version, both primer and top-coat, using multiple thin coats rather than a single thick one. I "baked" the finished product simply by placing it out in the direct summer sun for a couple of hours. The enamel finish turned out smooth and very hard. Your mileage may vary, so you might ask him a few detailed questions about what you propose.
As I have no spraying equipment, I have no experience with his paint in non-spray cans.
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