I'd follow the mfgr's recommendations if the paint you're using is meant for plastics. Make sure you use a plastic adhesion promoter if required. If the paint in thin enough, then it should be able to flex some without cracking. The thicker the coating, the more susceptible it will be to cracking. For the off road race bikes I end up painting, I simply use Krylon Fusion (meant for plastics / no primer required) and have had excellent results straight from the rattle can. If the fenders or panels are badly scratched, I’ll first sand most or all of the scratches out, but often times the scratches are very deep and I probably only remove 80% of the defects this way. I also wipe the fenders down with Acetone before painting them. Painting plastic fuel tanks is a problem due to out-gassing, but the fenders and panels can be painted with good results. For the Baja race bikes, I paint their front fenders black to minimize glare from their lights and sometimes I paint all the fenders, shrouds and panels, but never the fuel tank. The bikes get beat to heck, crashed, run through scrub, Cholla, etc, but the Krylon fusion holds up pretty darn well. And when they get scratched up too badly, I simply sand them down and give them a fresh coat. You can find Krylon Fusion as Wally World for $5 a can in many colors.
If I was restoring something super rare and or very special that I wasn’t going to ride much and wanted a show bike finish, then I wouldn’t be shooting from the rattle can, but plenty of off road bikers have given me nothing but positive comments about my work from the Krylon Fusion rattle can.
If you’re working with the original colored plastic, you can finish it out very nicely by sanding it down in steps. Once it’s sanded down enough, then wipe on some acrylic floor polish and let it dry. Any floor polish from the grocery store that contains acrylics will usually do the trick. You can apply several coats of acrylic floor polish if you wish, but let it dry between each coat (it acts like a clear coat). Then buff it with extra fine 00 steel wool and again with 000 super fine steel wool and you can follow that up with your d/a and some polish to make it look even nicer. People are always amazed with the looks of their bike when I’m done with it from using this process.