Opinions about machine paint are like hairstyles; everyone's got one, they're all different. I've rebuilt (and, thus, repainted) a bunch of machines over the past several decades. So here's my two bits worth, based on a lot of reading and some knowledge of the chemistry.
Don't use anything you can get at the hardware/big box/homeowner stores. They won't stand up to a shop- some will just peel right off in strips. The one thing that might work, the one part epoxies in the rattle cans, is as expensive as better options anyway. And Avocado is not a color for a machine. The big box Rustoleum and similar fish-oil paints seem to have been reformulated for cost over the years. At one time, they were fairly durable; my last try was a total disappointment.
Essentially, you're either going to buy a passable but not durable system for 50-75 bucks a gallon, or get something designed for the job at 2-400 a gallon. My philosophy on that is that I like my machines to look good, and stay looking good, as well as protected. Repainting done right is a major pain, largely because the prep is so timeconsuming; I don't want to be doing it every 5 years.
Cheapest passable option is marine paint. I've used Rust-Oleum 207005 Marine Topside Paint, Battleship Gray. Limited other colors available. Over a good clean surface with the right primer, it's stood up for years, but not invulnerable. Probably an approximate equivalent to the old Tormach system. 60 bucks a gallon or so.
Next up is some kind of catalyzed urethane/ auto body paint. POR-15 makes one called 2K Urethane, and also a primer. Very durable system. 60-75 bucks a quart. The advantage is that you can GET quarts, and usually don't need gallons. And you can mix the amount you need for each coat. This system is my go-to everyday machine repaint, chemistry has been around for a long time, and it's good for a decade anyway. Incidentally- the POR light gray is really light. Get the dark gray if you want something like battleship gray. Limited colors.
I looked hard at the garage-floor epoxies. Very mixed reviews. Couldn't decide which were decent and which were not, so I passed on all of those.
Top of the line is Sherwin Williams Tile-clad. Epoxy sysstem. Any color you want, use with their primer. This is the do-it-once and done option. Unless you take a hammer to it, this will survive any industrial environment and look good forever. No harder to use than auto urethane (that is, a real pain compared to the homeowner stuff). About the same price as a good catalyzed urethane, but only available in industrial quantities, so it's expensive if you don't need a gallon. Figure a gallon of the required primer, plus a gallon of the paint, and you're out about 450 bucks. And a 2 year shelf life. I had access via an employer, and tried it. It's the answer, if you can afford it.
If you can get your stand cleaned up well, I'd use a 2 part urethane with a good compatible primer, sprayed. Cleaned up well means bare metal, no flash rust, primed nearly instantly (that is, no oil or anything on it). Sandblasting is one way; if you can find a commercial stripper who has a hot lye tank, that's even better (steel has no problem with hot alkali).