The right way to do it is definatly down to bare metal.
The next step I take is to put a Epoxy Primer down before doing any body work or actual "filler primer"
Filler primer does not have good adheasion to bare metal.
Body fillers (aka bondo) have good adheasion to metal but when you put epoxy primer down first your filler has 15times the adheasion over bare meatal. Get a good 180G scratch down on the spot's your going to be filling (dents ect)
Epoxy priimer is also as close to the factory "E" coat as we can duplicate out here in the aftermarket paint world.
Once your done with Epoxy prime, body work, Filler primer and ALOT of block sanding 180G then 320G ...
your final prep would be wetsanding the panels with P600 or 800G then a final wash with 1000G in your hand almost like using a sponge.
It takes alot of time to final prep/tape a car up but it's worth it when there's only a few spec's of dust to nib out on a entire car after it's painted.
The quality of the products you use will determine the life of your paint job along with the prep work.
We use Sikkens Autobase Plus (not cheap) with Extreem clear or Lessonal clear. In a down draft booth with bake.
Good luck and have fun getting dusty!
~Scott