There’s an article in Hot Rod about the 99 dollar paintjob. They did a falcon I believe, white with red scallops. Turned out pretty cool looking. The process was lengthy though, and required alot of wetsandling and multiple super-thin coats of rolled on rustoleum and lots of wetsanding and buffing.
I say go with the tractor paint and try to talk him into a lighter color so flaws will be less obvious.