I would say the more important thing is prep, to make your restoration last. Strip the vise down and remove any grease or oil, then paint.
I used Valspar Antirust Armor on the last one I did and did a few coats with a foam brush to avoid marks, turned out nice.
Any alkyd (oil base) enamel with a few drops of enamel hardener. Nearly as hard as a 2 part epoxy or urethane at a fraction of the cost.
Valspar Tractor and Implement paint is good, but it has a limited number of colors.
