There was a time when I used to cover everything that moved (and some things that didn't) in my Shed with green Hammertite.
However, I found it far from ideal, partly because I was probably a bit idle in surface prep but also because it was also a real pain to remove and seemed to 'chip' quite easily (which are hard to touch up invisibly). You also need to be careful with timings between coats and need special brush cleaners etc. As commented above, I'm also not convinced it's as good as it used to be…but that is true of many things (like paint removers and Nitromors) but it may be that I'm just an old frat and much harder to please these days… 
Anyway, now I try to prep the surface a good as possible (at least within reason – as much as my patience and energy will allow), use a suitable primer and always, always apply a good quality "Engine Enamel". These tend to be easier to brush-coat with, although this does tend to improve with practice. They are also oil and solvent resistant and with patience, will give a very good finish when required. There are several UK companies that still sell good quality engine enamels and at least one of them sells paint colour-coded by machinery manufacturer – including Myford, Boxford, Centec etc.
So John – Repent Now – before it's Too Late! 
Regards,
IanT