I sanded the whole thing with 80 grit sandpaper, making sure to remove any excess paint, dirt and rust, then sprayed the whole thing with Krylon Paint + Primer (my FAVORITE spray paint!) in a beautiful Sun Yellow.
So cheery and retro, don't you think? This is after one coat.
I perhaps should have taped off the wheels, but i think a cotton ball with fingernail polish remover will take off the excess. I squirted some WD-40 on the wheels and let it soak in, to help with the squeakiness.