hello

I am attempting to restore an old Goodall &Pratt hand drill that was my grandfathers. It was rusted frozen and the paint is in very poor condition. I was wondering if there is a special paint or enamel I should use or if rust oleum is the way to go? I should prime too?

I have painted a lot of things in my years and ask only not to ruin my tool.

Thanks in advance. Disassembled photo attached.