Haha...those were the days.I did it twice for my old guitars when i was in my early 20's....used paint stripper to get rid of the original paint as i dont wanna used electric sander coz you might accidently sand off the body especially at the nooks and crannies.
After all the paint is removed i sand it manually using the 3M sandpaper to make it smooth then applied the wood putty to cover the previous dings etc etc...sand again.
After all the sanding is done and the body is smooth i applied the base paint or the 1st coating twice.After the base paint i applied the color that i wanted on the body....if you are using spray can i advise you to hang the body and control on the fingertip as you dont wanna accidently spray more paint or less at ares of the body.Aim away from the body then move towards it in one direction...dont do zig-zag.And dont spray at an area which is too windy or humid you might end up seeing some bubbles or wavvy results.
I usually apply 3 coats and leave it to dry for a day under the sun after it had dried not straight away under the sun after you spray...then another 3 coats of gloss/clear lacquer....remember to use mask or you'll get stoned after that.
As for the f-holes my opinion is better get the decal from eBay or somewhere...btw i use airbrush for the paint job....
Heheh...long winded but just wanna share with you my DIY experience....