Help-Repainting a turntable

I have an older Well Tempered turntable which the black glossy paint has lost its lutre, plus has some chips in the wood. I just bought a 2nd Well Tempered so this one is out of service, I figure now would be an excellent time to repaint/restore.

Any suggestions on sanding/removing old paint, (wood filler?) and then what type of paint to use (spray paint/brush can?) ...I was considering taking it to an Auto body shop for a respray as well.

I think I may go Ferarri Red or Piano Gloss white
I like the Ferrari red idea!

The trick here is primer, primer, PRIMER!
Use a fine grain sanding primer. That is, a sandable primer which contains a very fine filler material in it. And probably use an epoxy-based acrylic paint (unless you can find some real laquer!)

The other issue is application. You don't want to use standard spray cans from H. Depot or Ace. Unreliable nozzles, drips, drops and runs. Plus the pigments are usually not fine enough. My recommendation for a smallish project like this would be the Testor's line of model railroad paints available at most hobby shops. Use their primer too. The cans are small and somewhat expensive, but they do a great job!
I would use acrylic automotive paint. If not you could also use Rustoleum HardHat spray. It is much better than other spray paint and is available at Home Depot. Real Laquer is almost impossible to find.
thanks for your responses....

I went ahead and took some of your cues and Primed, sanded, filled, painted, painted, painted painted ......

sanded, ....painted.....and am now in the final stages of a Clear coat gloss.......

I ended up doing like 6 coats of primer, 8 coats of white gloss lacquer, and 8 coats of clear gloss lacquer

the table looks CONSIDERABLY better than before! using the Audiogon scale from a 5 to a 8 or 9!

I ended going to Ace, OSH , Longs Drugs, and Home Depot and settled on Rust-O-Leum Gloss Lacquer Spray paints and primer.....used 320 to strip the old finish and am using 400 to do the final sanding...
If you really want it to look great, keep going until you get through 1500 grit wet or dry used wet. Then polish with automotive swirl mark remover. You can obtain these items at an automotive paint store as well as the polishing cloths.