Paint frame?

[03BlkZ]

At Christmas my father gave me the keys to his 1970 short bed C10. He is the only owner and he daily drove the truck for 30 years. He is about to retire at the end of this month and wants to split a restore project with me. Its been sitting since 2000 inside his shop and it needs quite a bit of work. We are wanting to take it down to the frame and I was wondering what most people do. Do they paint the frame and suspension components or powder coat? If paint what type do you use?

Thanks and I cant wait to start!
Brent