Wilby,
I hate stripping paint (ask viki, she hates it too!) - Depending on how many coats, how much time you have and money you want to spend there are a few options.
You can get it sand blasted (check your area for prices), which is probably the cleanest and easiest way. You bring it there with crappy paint, and pick it up nice and clean with no paint!
Or, if you have the room/time/money you could buy your own sandblaster (i bought a pressurized one from harbor freight for about $80? + the media, i forget how much - but I also did a go-kart with it).
Another option is to buy actual paint stripper - this is more wallet friendly, but time consuming and a pain in the ass, to say the least. It does work, but you'll probably have to wire wheel some of the paint/rust off.
Brandt (RuppParts) suggested dousing it in gas and lighting it on fire, haven't tried that one yet but will on the next one! Sounds like a lot of fun, actually...
As far as the clear coat goes, I think that depends on what kind of finish you want, and what kind of painter you are. Most people go for the powder coating option as it's not too expensive, looks good and lasts long.
I spray bombed my columbia bike with Rustoleum professional cans, and two people thought that I had it powder coated... I didn't use a clear coat on it either. Just sprayed it really wet!
When we painted Viki's go-kart, someone had suggested using a arcylic urethane paint - (Westhane) and I think it turned out pretty well. It was a two-part deal, and I think the quart of it was $40 and maybe another $40 for the activator (which is good for up to a gallon so I still have some left.
You do need to spray it really wet again to get a nice finish, and there is no clear cloat needed. It has a pretty tought finish to it so it doesn't chip as easily.
I'm sure some other people can help decide which direction for you to go in with this project, but this is just my two cents
