I will say this. For it to look good, like any paint, the body should be pretty smooth and prepped correctly. That being said.. if you go that far might as well consider the single stage gloss black. Honestly, If you have kinda a rough around the edges car that you've saved the gloss is a little more forgiving so to speak. It doesn't highlight flaws as much in corners edges etc... as the flat seems to. Big flat areas need to be straight no matter what.
Same as Dreddybear, good addvice,,,,,,Stop,smooth it out an paint it shiny. Shiny last longer,looks far better an EZer to keep up,vs bubble of BS about primer being anything other then primer,was never a finish.
Great advise from @Dreddybear and @dana barlow. I get it...I like the suede look and have painted my last few rods that way. BUT...your bodywork has to be good enough for gloss black. The semi-gloss black is a lot less forgiving than you would think. Actually, bondo scratches & air bubbles show up MORE. With gloss, you are seeing the reflections of the surroundings, and small imperfections can be lost in the reflections. With suede you actually see the surface of the paint without any distraction (reflections) and EVERY scratch will be visible. Prime & block, prime & block, prime...etc.
Pros Vs. Cons for ANY Black Suede coat. Pros: Its FINALLY all one color. (This is the big one right here!) It's not expected to be perfect. Looks cool (Usually). Touch up with a Sharpie. Pinstripes really POP! Looks great with a little Chrome or polished Aluminum. Can be done on the cheap. Cons: Almost never looks Perfect. Hard to keep clean. Impossible to spot repair. Water spots. Holy cow it heats up in the sun. Those sharpie touch-ups will be an issue if you ever paint over the suede. Did I miss anything?