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Between the choices you listed, I would rather go with your friend. I'm not well versed on those turbine units but I will now look into them as I am interested.
Most cost effective way is to prep the car and take it to him to get sprayed.
Read up on what grits of sandpaper you need to take the paint down to either the primer or bare metal. There are other guides out there for that. Buy the stuff you need, and start sanding it down to where you want it. Then if you want to attempt the bodywork go for it but if you have no experience doing it, you're either gonna have to spend time to practice it and do it or just pay your friend and have him do that too.
What some others have done is prep the car and take it to Maaco or whatever other cheapo paint shop to get it sprayed (they also slip the painter some extra money)
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