It depends on how you want it to look!
I would prep it much like painting a car,strip it down,tape up any areas you don't want paint on and then sand and prime and sand some more them prime some more then sand,etc. you can get an ok finish with a spray paint can if you know what your doing but I would suggest an airbrush.
As for what type of paint,any kind will work if you prep it right. You could get a nice automotive paint and do a base/clear to get a real nice finish.
It's actually a nice project to learn to paint,small enough that if you mess up just do it all over again.
