I painted my 122 myself (http://www.grassrootsmotorsports.com/volvo122s.html) It was a pain, but wound up looking decent. You can buy a "run planer" which is essentially a small file mounted on a block of wood that is helpful for slowly removing a run (after the paint is entirely cured).

For my second Volvo, I stripped everything I possibly could and took it to a "budget" paint shop...the results are much better and it was safer for me as the isocyanates in paint aren't very good for you. results here: http://www.classicmotorsports.net/142.html I was happier paying $1100 for the paint job that came out awesome rather than $400 in materials for a so-so job.