The main thing you want to be sure of is your prep, and that you remove the rust from any pits. Since you say this one is sentimental, I'm guessing that you are not planning on using it, and are willing to put in the work. Get it as clean as you can, then clean any oil off of it with alcohol. Your goal is to make the surface as friendly to the paint as you can, and be sure that you are not trapping any corrosion under the paint. Then do several thin coats. Lots of rust paints don't need much work, but they are more designed for working tools, or things that will get re-painted more often. In your case, I would say take the time to do good prep, and you'll be much happier with the long term result.
Most spray-paints are going to be pretty self priming, and since you are not going for an auto-body finish, it probably isn't necessary, unless you choose a paint that specifically requires it. There are so many different paints available its hard to say what would be best. I guess it depends on if you are look for a specific look, or if you just want to protect it.