I'd favour powder, like has been said, its a fairly cheap option, its tough ( I had to hammer a part powder coated once and it didn't crack or flake off) and would save a lot of messing about.
Lot of people complaining about hammerite these days, not what it used to be.
One option would be to just spray it with good old BBQ paint and whip it off every so often and re-coat it when it starts to look shabby or buy a paddock stand and throw it in the bin.