I would suggest you start off with a good book on painting. I got started that way. There is alot of info in the knowledge base as well on different phases.
Put short, you can and should practice on something first. As long as the paint on the truck is original, you should be able to recoat it. I would suggest using a sealer after you finish with the body work. The sealer will isolate the old paint and body work from the new paint. It will give you a good foundation to lay down the top coat on.
I would suggest using Base Coat/Clear Coat. It is much easier and much more forgiving. The dry times and coat recommendations are on the product data sheets.
Just post on here with all your questions as you work through it and I am sure you will be lead down the straight and narrow.
I have a pic in my album of the make shift booth I used for painting the S-10. It worked very well and cost less than $100usd for the attic fan, plastic, clamps and filter material.