The paint is ok for what it is. Its kind of like the house brand oil, made by Valvoline and put in a different jug. Majestic may even be the maker. For me paint is a lot like welding, its something I do well but don't really know a lot about. I really don't care all that much.
The difference with it all is longevity. I sandblast some piece of equipment, it sits outside or goes on the road and there is no comparison in the service life. The common enamel will fade and wear off, simply erode. Bright colors are more noticeable but its obvious with 2 tractors painted side by side and then 15 years later. The Imron still shines like new sometimes decades later.
If it gets dirt and mold, bird **** will wash right off and not need refinish. For stuff in the shop a spray can paint job lasts. If some spot comes off, clean it and roll it on.
As for prep work, its important with a tractor as there is simply lots of opportunity for oil. A car not so bad but I rarely use any of that stuff. Obviously we wipe oil and stuff off but I usually finish with scotchbrite, blow off and paint. For utility work same for rust that is tight or sealed.
When its sandblasted,,,,,,,,,,,,,,,,,, I know its popular to try to use every product, 3 primers and double wash with **** but,,,,,,,,,,,, I wash my hands and pretend its sterile. You learn to see when something is scuffed and feel when its smooth, it doesn't need to be all 600 but to hit hi spots. Sandblast has lots of hi spots and is rough, feel the difference with a simple swipe of brite on it. I sandblast, scotchbrite, blow off with air and paint it.
What looks like rust comimg thru is peaks in the surface poking thru and had the paint run off, especially with light penetrating primers, in theory 2 coats with sanding between is best. Heavy epoxy primers help as do coatings like coal tar etc.
I had an expensive quart of green extra mixed a while back. I found another machine, washed out some big flat spots and zipped some scuffing and then stretched the paint where it showed, really looked a lot different and 20 years newer.