5280, I was at the Barnes and Noble this morning and saw Hot-Rod magazine with an article entitled "$98 paint job" which was a roller paint job using rust-o-leum.
It was similar to all the $50 articles, but might be worth browsing to give you some more tips.
As a side note - their first coat looked like yours with little coverage and patches visible.
EDIT: Here is the link -
http://www.hotrod.com/techarticles/b...job/index.html