firstly you need to sand it down, work on getting the iron cross sanded down and level with the rest of the bonnet, if not it will show through the paint as a raised edge, 180/320 grit and work upto about 600, then you can wet sand with 800/1000 grit
3 layers of primer, wet sand with 800/1000 after its dry
3 coats of paint, 3 coats of lacquer
it doesn't need stripping to bare metal
