Re:
I painted a bicycle frame with aerosols many years ago and I was very pleased with the result. Coincidentally, it was also metallic purple. I used three 400ml cans; an undercoat, the metallic purple then a clear top coat.
The clear top coat makes all the difference, prior to the application of the clear coat it looked a bit flat and lifeless, the clear coat gave a deep gloss and really enhanced the sparkle of the metallic.
Having said all that, I don't think I'd bother again. Whilst it turned out quite well, it was very time consuming to do and at around £8.00 to £10.00 now for an aerosol, not much cheaper than powder coating and the end result is nowhere near as tough or durable as powder coat either.
As I said, this was a while back, probably about 20 years ago and powder coat wasn't an option, not that I was aware of anyway, and having a frame properly painted and stove enamelled was quite expensive, around £100 to £150 at the time if I remember correctly, so way more than the DIY option at the time.
I had a frame done with a metallic green powder coat a couple of years ago for £40.00:
My camera doesn't really capture it and the pictures don't really do it justice; in sunlight it's a really bright sparkly metallic lime green and it looks as good now as the day I had it done.