Ah, a topic that I can be the "expert" on. You can find all the answers to your questions on
http://rolledon.forummotion.com/.
I did this on a 1975 Triumph Spitfire. My thread is
http://rolledon.forummotion.com/t940-1975-spitfire?highlight=spitfire.
I ended up with good results, but keep in mind just how much less acreage of sheet metal there is on a Spitfire than on a full size truck. I had seen it on line, and I thought that I didn't have much to lose to try it on a small car. The car will also be garaged, so the possible fading issue isn't as big. I'll give you some thoughts on this process.
1. Don't consider it unless you have a garage to work in and can be without the vehicle for about a month while you are doing it. I wasn't in a hurry and did mine over a winter. Rushing it can only lead to disasterous results. I can't see how doing a vehicle that you are trying to drive can work.
2. It is highly labor intensive. There is a ton of wet sanding involved. The thinned paint and foam roller leave the paint fairly smooth, but you have to color sand it smooth after every two coats, and it will take about 10 coats to get full coverage.
3. When you have gotten all the painting done, it's time for the cut and buff. I spent about $175 on a quality Meguiar's buffer and compounds. You will never rub it out by hand. The longer you can wait before the final buff will result in a glossier finish. I basically let mine "cook" over the summer.
4. You can not paint over the Rustoleum with regular automotive finishes. It will require a strip. Not that big of an issue on a Spitfire.
There is much more to it than that, but those are some big things to keep in mind. The only way I could see doing that on a truck is if I had a beater that I was just trying to splash some color on and I didn't intend to go for perfection. $50 paint job is a stretch. I'd say I had about $100 to $125 in materials and then bought the buffer. That puts it at about $300. A truck is going to take more supplies than that. For that kind of money, I'd really think about prepping the truck myself and having a Maaco paint job (or similar) thrown on.