Get rid of the bonnet. Its removable, cheap to replace. It will take forever to save, if its even possible.
Rust convertor as Ari suggests on the rest. The peeling paint is all going to have to come off too, every bit of it. Thats a lot more than just crows feet ... of course, that means you will need to undercoat it as well.
2k is poisonous. If you must insist on using it in your backyard, make sure you have appropriate breathing equipment and wear long sleeves and pants.
2k requires less work after spraying to attain the mirror finish like Bellicose has on the fridge, definite plus for that. Acrylic will come up just as well though, just needs more blocking back and polishing.
Acrylic is mostly no longer used in panel shops because of the labour involved, and because they have everything they need to safely apply 2pak. In the backyard, acrylic is a safer but more labour intensive option.
Both paints can be made to shine equally well. 2k is harder, so is generally harder to damage. Acrylic is a little softer, and can sometimes absorb minor damage in the same way a bumper bar can take back its shape, whereas the 2k may just crack or scratch in the same situation.
I favour acrylic for backyard spraying, because my labour is free. If I was paying someone to paint it, I'd go 2pak and let them breath the poison instead, saving a fortune in labour in the process.
The rust at the back window is beyond redemption and needs to be cut out and replaced.
Your call, good luck with it and keep us posted
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