As for the actual painting I would start by aligning all your door/trunk gaps first. Then block the car back as you said with 120 and feathering any cracked areas and blisters. This will remove any flaking paint and anything that is not bonded well. It will also give you an idea of where all the dents are and problem areas. Then fix the rust and apply bondo to areas needed. Once you are happy, apply your sealers, primer/fillers and add more to the areas that have been repaired to give some build. Once the primer dries go around the car with spot putty and find all the little spots that need attention. Block the car back again with 240 dry, making sure everything is smooth and relatively flat. Then apply the final coats of primer filler. It will now be ready for blocking with wet sand paper in 400-600 but do not rub back any areas to bare metal. Last will be the easy part applying the color.
A few tips. Use 2 pack paint. It is so forgiving for beginners as it is non reactive. This means you won't have the old paint blistering and carrying on for not apparent reason. If you have too much orange peel in the paint it can just be wet sanded and buffed. It is much harder and less prone to chipping accidentally when you rehang the doors etc. Use a gravity feed gun designed for 2 pack. Get the largest compressor you can and have two water traps. When you think you have applied enough primer/filler add some more, very important if you don't want ripples in your panels.
There is so much more to painting and as previously stated check the paint forums.
