Ok, in answer to your questions. Firstly, if you're going back to bare metal and if the steel is sound and free of corrosion (which I think its going to be!), don't use Electrox as the base primer. Instead, use Etchweld - and this is why.
It'll grip a hell of a lot more than Electrox ever will (which is designed with different characteristics) and if you've got bare metal then that in itself is going to make Etchweld the ideal product. In terms of performance on other areas, there's no difference and of course, I'm assuming too, that the steel is going to be 'clean'. Classic car nuts routinely select Etchweld as the body primer of chiuce now, especially with ally bodied (race)cars.
As Etchweld is solvent based, use just bog standard cell thinners to get the desired consistancy. With regards to using a barcoat, Etchweld itself will be fine. Use a couple of mist coats (nice and light) to build up some layering and to act as an interface and ten spray the final and top later on.