I recommend painting the frame. The frame is one of those things it seems you're always welding something new on to. No matter how bitchin' you're building it and how "done" you think it will be, you're almost guaranteed to find the need to weld on some new bracket or mount. The same is true for the cage and other items but you can relatively easily remove other things to re-powder coat. Not so with the frame. When we did the red Mike Bower bronco up at WCB (I'm sure you saw photos of that one), that's how we did that one. Painted the frame and body, powdercoated everything else. Just my $.02 but either way yours is gonna be one of the baddest EB's around.
Dusty