I did a so-so job on my silver car with the Plastikote Bumper system (3 step rattle-cans, adhesion promoter, primer/filler, finish coat) right before Vegas 99 and most people did not suspect a thing. Its basically a laquer product which sands and buffs pretty well so you don't have to get the final coat perfect, just thick, then finish ultra fine wet-sand and rubbing compound. Just make sure you get the gloss black finish and not the satin. Sand down the crackling/peeling paint with a medium grit like a 150, fill and sand any gouges with putty and then use the system. The primer/filler does a pretty good job of filling fine scratches. Use like 400 grit between primer coats. After the final coat, wet-sand starting with 1000, then go to 2000 grit. Finally, use a rubbing compound and swirl remover. Just make sure you get enough coats on because if you sand through to the primer, then you've got to start over.
Phil D.