Well, I actually am a pro but don't hold it against me. Here are some basics for you to digest, written by me years ago but still applicable. The DupliColor stuff is all lacquer as far as I know, for reference as you read this. Theres really not a discussion of painting here but I can guide you. If you decide to use pro-grade products and do a spray booth job, you'll have to tell me what brand you'll be using. See your local source and remember to consult technical data sheets that are available on all paint manufacturer's websites for all products they offer. Directions for use, must read. With pro (body shop) refinish products, you normally apply color as needed and clear the whole panel when possible.
If you're gonna do a spray bomb job then no, it will look best to leave as much old paint as possible showing and save it with some care. Then do your small spot repairs. Just my opinion, and if you had a metallic color I would not recommend trying to get away with rattle can repairs at all. Mine is black and has spots of DC all over the place but nobody notices. Red is harder to match, black is no-brain. I could get into pros and cons of using clearcoat and paint types but man I gotta watch at least one black and white 50s TV show before I crash out today. Think on this, maybe do more research or post specific questions after reading at these links:
http://forums.hotrod.com/high-perfor...grade/primers/
http://forums.hotrod.com/high-perfor...grade/sanding/
http://forums.hotrod.com/high-perfor...n/fixing-rust/