I think it is a good way to go. It is cheap and durable, but....

You can have trouble matching the body color, or it may not match under all types of light.

If it sits in bare metal for too long, I know that just the moisture in the air can start rusting on a microscopic level. It looks good, but may show up later. I would sand and mold the frame before sandblasting, then coat it immediately.

My experience has been that some powdercoat will start fading long before good paint, so I would try to use the best prowdercoat products to combat this.