General consensus seems to be that you should only paint the guitar just enough to get solid color coverage. What I mean is, if you get your color in two coats, there's no benefit in using six coats.
Some people believe that too much paint ruins the tone, but then people believe in Bigfoot too...
You should certainly have more than enough paint, since it should go on very thin and you'll get coverage quickly.
Hope that helps, and I am sure people with more experience than me will also contribute to the thread.