Am I crazy for doing this on a 65 Barracuda ?

No, I didn't use any latex. I used 2X Ultracover primer/paint for the initial coat . It adheres well and in satin it can easily be gone over with spot putty to fix and touch up .I'm looking at different satin finishes for the final coat and may use a hardener if It doesn't effect the satin finish sheen.
You can now use any paint color you want & buy Flat Clearcoat to make it flat. You might have to spray a sealcoat over the paint you have if you use automotive paint.
I looked up 2x ultracover & see its a Rustoleum product, so you might find a flat Rustoleum product you can use.
Other wise you'll need to research compatability. Don't know if RoL has a clearcoat.
Ten yr ago a car magazine had a staffer(Randy Bolig ?) paint a car with white RoL & the finish looked good in Mag.