Hello GT . .
Looks like your Ishy looked like my Ishy ! !
Mine had enough black paint on it to paint a truck -- a really BIG truck ! !
I stripped both the metal and the wood. Refinished the wood with several coats of tung oil.
As for the metal, I used Duplic-Color High Heat engine paint -- the 1200 degree stuff.
First, make sure that ALL oil/grease is removed from all the metal surfaces. I think I used acetone as a "final wash". (just make sure you do this OUTSIDE or in a garage with open doors -- if not, you'll be so fuzzy-headed that you'll forget what you're doing ! ! )
Then . . I warmed up the metal parts in my oven. Most ovens are a "30 inch" size, so the barreled action might not fit inside (mine's a 40 inch size - popped right in ! ) If it won't fit in the oven, try using a hair-dryer, set on high-heat. Seems that the paint will adhere better when the metal is warm. Spray a couple of light coats and it you can't get it back into the oven, let it dry/cure for about 10 days or so.
Mine came out looking really nice ! Nice, satin finish on the metal. So far it's held up really good over the past year with several trips to the local range.
And . . for what it's worth, mine will hold a nice 2 1/2 inch group at 200 yards -- off the bench -- with surplus Port ammo.
Can't ask for no better than that ! !