Any good quality spray paint, Krylon, Rust-o-leum, et al., works for me. I prefer a satin finish (not flat) instead of high gloss. Whether or not to remove all the old paint depends on its condition. If there's just minor chips and scratches, removing any loose paint and sanding the remaining paint edges smooth will do. If the hoops are really bad you might want to remove most of the old paint and fill any deep dings or scratches, but I would be cautious with paint strippers...you wouldn't want to raise the wood grain too much. Don't try to cover in one coat. A light sanding with fine paper after the first coat is a good idea.

I'd go with rustoleum black lacquer if you're doing the standard black with white stripe