Oil paint is good for machinery, but there are different types. Oil-alkyd is tough, it is sold as farm implement paint in cans at the Hillbilly Supply stores. I used Sherwin-Williams for their ability to color match an alkyd-spec paint. The color was a little off, but the paint is good. Sherwin sells several types of paint, so no need to swear off the brand. Auto paint is okay, but I find it chips off of anything that isn't perfectly prepped. It also doesn't cover well, as it's meant to be thin. I've really settled on the oil base and a paint brush after doing it all before.
For important paint jobs, I use an adhesion promoter additive like Bulldog from Kleen-strip. I also use a little squirt of hardener (isocyanate, promotes polymerization) and a tiny bit of VM&P naphtha to smooth out the brush lines.
For color matching, you can either try to match it yourself by mixing colors, you can match a Pantone or RAL color code, or you can bring a sample in to a paint store for digital matching. Depends on what you're in it for.