I'm using Gunkote and Molyresin right now, really very different product from Duracoat but the same prep rules apply.
#1 most important thing, CLEAN surface before applying the coating. Whether or not you blast, or use some alternative, the steel must be 100% free of oils before spraying. This means pick up a box of nitrile gloves at home depot/harbor freight/mcmaster carr or somewhere. Use them any time you handle the blade after final degreasing. Hot water and dish soap work very well, just make sure you dry the blade with a hairdryer or compressed air before it can rust. A non-residue brake cleaner from the autoparts store works very well too. Carb cleaners are not a great idea for anything but cleaning junk off before proper degreasing.
Ideally you'll abrasive blast for adhesion, glass beads don't work very well compared to sharper media. While the beads may leave what looks like a rough surface, it's usually peening and polishing where each bead hits.
If you have glass beads up the wazoo and you're intent on using them, use the highest blast pressure you're comfortable with so that the beads break up and cut the steel on impact. Some folks have had success using the coarsest glass beads and high pressure, duracoat is more forgiving of surface than the stuff I use so it's probably fine. You can "get away" with just having a very clean smooth surface, but chipping and peeling will be more likely if the knife is used hard.
Silicon Carbide, Aluminum Oxide, Starblast, Starblast XL, and Biasill are the commonly available medias that will give the best results. Use a grit between 70 and 120 at 40-70 psi (lower for aluminum, high for 60+ RC steel). I recommend the coarser end of the scale for fixed blades, 120 is what's recommended for firearms parts, and I can blast with that without altering dimensions or removing fine roll marks on a gun. Since duracoat goes on much thicker than gunkote and hides coarse blasting easily there's no reason to use the fine medias. The hardest medias like Aluminum Oxide and SiC will work fastest on knife steel.
If you can't or don't want to blast the blade, an acid etch is highly recommended. Done right the adhesion is just as good as blasting, however there's not as much surface area for the coating to grab onto so it's still just a backup plan. Blasting + acid etch can give the best results, but adds another step to screw up. It may leave a film you have to clean off, and if you don't neutralize the acid completely before coating it will cause problems later.
That's like 99% of the process right there, now all you have to do is spray it. Can't really help with that since gunkote is like water and duracoat is more of a paint consistency, I have no idea if an airbrush would even work. Probably best to use a regular paint sprayer. If you go with an airbrush, go with a cheaper single action, external mix brush like a Paasche H, Badger 350, or the 10 dollar jobbies at harbor freight. Cleanup is much easier and if you manage to let the paint cure inside the gun it's usually not too hard to fix.