OMG, it's complicated!! I can tell you lots after having done a bare metal up restoration on my 600 body all the way to doing the paint at home. I spent hours and hours, days and days and weeks and weeks scouring the internet trying to figure it all out.
Briefly:
If stripping to bare metal whether it's media blasting or using sanding/stripping discs, you've got to get primer on the bare metal pretty much immediately otherwise "flash" rusting occurs. You can't see it at first, but it's there and will ruin a paint job. Most people use epoxy primer on bare metal. It provides the best adherence and durability. Then you can use "high build" urethane primer over the epoxy. It sands easily and is excellent for smoothing out imperfections and high and low spots. The procedure is called "blocking" because you use sticky-back sandpaper on semi-hard rubber blocks (which come in various sizes and shapes).
Some folks put down the high-build primer first followed by epoxy, but I don't know why that would be better. Both are called "DTM" which stands for "down to metal". Epoxy primer is not easy to sand compared to the urethane primer. Once you have primer on, there is a window of only days to apply subsequent coats, whether it's more primer or the final topcoat. Reason is, the subsequent coats will chemically bond together otherwise you MUST sand down the primer to get a mechanical bond. Different brands of paints have different window periods and IIRC, SPI has the longest at 7 days. I used Nason primer which has a 2 day window so you have to work faster. If you're past the window, you need to scuff epoxy primer with sandpaper or scotchbrite pads. Hard to do in some places like underneath where there's lots of overlapping seams, nooks & crannies and hard to reach places.
Don't make the mistake of taking a body somewhere to get the entire thing media blasted and then think you can leave it bare and take months to work on repairs and mods and then spray primer on it. You can always remove primer from areas you want to work on. You can get a spot blaster or a pot blaster like the 40 lb one HF has. If wanting to media blast a body yourself, coal slag is a good media. Tractor Supply has some they call Black Diamond. Use the fine grit stuff. It's messy and it goes everywhere so you want to put up some temporary sheeting to contain it. You can scoop/sweep it up and screen it and put it back in the pot blaster. It's slow doing it yourself but works very well.
Primer can be applied over pre-existing paint in most cases if it's in good shape. Back in the 50s, Fiat used some kind of enamel over what I think was a red oxide primer (or similar). Technology has changed a lot but as long as the old paint and primer is in good shape, I think you should be okay to leave it on and just strip away what doesn't seem okay. The roof for example might be something that can be left on, but for the small area it is, you are probably better to strip it all off. Might even find bad spots under anyway. It might be a good idea to strip all paint and primer out of seams. Fiat used a lot of a type of putty on some seams and I would remove that if planning to paint over it.
Before spraying primer and subsequent coats of primer and paint, make sure to use wax and grease remover along with tack-free cloths.
Forget about using phosphoric acid metal prep products. Not needed and in some cases it's not compatible with primer and paint and can cause failures. Needs to be properly neutralized too. Best thing is strip to bare metal and get the primer on pdq.
One excellent filler is called All-metal. It can be applied over bare metal which really helps. The bare metal has to be super clean. The spray the primer over that. The All-metal doesn't have to be sanded out 100% perfect but need to sand down high spots. Once primer is on, then you use plastic filler (aka bondo) over any remaining imperfections. Seam sealer should be used over seams, joints and cracks.
There are various grits of sandpaper that should be used. More aggressive grits like 60 can be used on bare metal and first application of filler on bare metal. Then you work your way up to smaller grit paper to remove scratches. If using single stage urethane, you can stop at 320 grit. If using a base coat and clear coat, you'll need finer grit otherwise you'll see sanding scratches underneath.
If you are doing welding on any sheet metal, you'll want an angle die grinder and roloc discs. These are available in as small as 3/4" dia. up to 3" for larger areas.
If you're thinking of painting at home, single stage urethane works well. Doesn't need special equipment or paint booth. NOTE WELL that urethane primer and urethane topcoat paint is highly toxic because it contains isocyanate. You can't spray it indoors unless you have a supplied-air respirator setup (expensive). You can use it outdoors with a fullface respirator and the correct cartridges and are fully suited up because the isocyanate can be absorbed through skin. Urethane paint hardens quite fast and is even hard enough the following day to sand if needed.
If you have runs on the urethane paint or too much "orange peel" , it can be wet sanded with 600 grit paper ending up with 3,000 or finer. After that, 3M makes some excellent rubbing and polishing compounds.
The enamel that was used in the 50s wasn't high gloss and if you want your car to look more like it originally was, a base coat followed with a clear coat will look a LOT glossier and some may not be happy with it. There are flatteners that can be added to paint but they apparently are hard to get to work well.
If you are doing a restoration to bare metal over a long period of time, you kinda need to plan things out. You might for example, focus on the underside of the car first and get it primered and maybe rubberized undercoat over that is paintable (or leave it black). Then maybe do sections of the car at a time. You could finish the work on an area and spray some protective primer over it and then move onto the the next area.
Some brands of paint are allegedly better to work with according to those that do a lot of auto body work. SPI is one that gets a lot of recommendations but I think it costs a fair bit more. The Nason primer and paint I used is more of a lower end line of products but worked fine for me and others have found the same. Use a decent quality gun for the topcoat as they can make a big difference. A cheap gun for the primer is okay (like HF) and some guys just toss them with finished. Guns can be expensive! I suggest using a quality undercoat (if using any) and quality seam sealer. I had a big problem with the Proform undercoating and seam sealer I used. The undercoating sprayed over seam sealer really softened the sealer up even though made by the same company. Even the chemist at head office had no explanation. It took many months for the seam sealer to properly set up.
There are lots and lots of youtube vids out there but beware. Some are truly excellent but there's lots of bad info. and advice too and some are freakin' idiots. There are a few forums that are good like autobody101.com and hotrodders.com