powder coating vs. DIY

Alright, so pretty soon i will be painting my frame(s). I am having trouble deciding whether to get it powder coated or not, is there a way that i can paint it myself with a quality near powder coating? I searched for any threads disscusing this but nothing i found helped much.
Does anyone know of a good method of painting my frames? i was thinking that i will use a really fine sandpaper or steel wool and first get all the old paint off, then spray a few coats of spraypaint on with a few coats of some sort of clear coat on top…
what do you think?

Eastwood automotive has several powder coating kits for pretty good prices.