Karl,
I'm in the process of striping four layers of paint off my used Omniturn-Hardinge DV-59 CNC lathe using a citrus based stripper. I'm not sanding because the old paint is likely lead based.
I spent two hours the other day reading every Google Group posting and Hardinge restoration site I could find for paint recommendations. Based on people's experiences, I'll be using Sherwin-Williams Tile Clad, a water based two part epoxy with no isocyanates.
According to Sherwin-Williams, it's a "VOC compliant, two-package, epoxy-polyamide coating for use in industrial maintenance environments and high performance architectural applications. Chemical resistant - Dry film resists bacterial attack - Abrasion resistant - Low VOC."
It's used for coating metal, and is popular as a concrete garage floor coating. Cost is $45 for a gallon of part A and $45 for a gallon of part B. Not cheap, but after all the prep work I'm doing I'm not going to use cheap paint. They can tint the gray and I'll be applying it with a 3" wide roller. After curing, the epoxy paint is only about .004" thick per layer. The Sherwin-Williams web site has application notes - normal safety / health precautions must be taken when applying, but not the special equipment required as with some other paints and coatings.
Ed Ferguson