I suppose you could use touch up paint on the parts where the paint is completley gone, but it'll look odd at an angle.
It all depends how well a job you want to do.
Option 1 (1-2000 ++ bucks):
Bring it to Maaco or a pro paint place and have them do the prep/body work and paint it all themselves. The body work labor will kill you in terms of $$$ but they know what they're doing if you pay them enough.
Option 2 (500-1000 bucks):
Sand down the rock chips so everything is smooth, then prime everything yourself (which can be done with spray cans). Tape it up and bring it in to Maaco and try to see if they can get the same paint code you currently have.
Option 3 (500 or less):
Find a friend with a solid air compressor and get yourself an auto spray gun at home depot, set up a paint booth. Do all the body work described above and shoot the car using paint and supplies bought online.
However, if you want all this to work out I'm assuming you have an idea of what you are doing with body work, bondo (if needed), primer, wetsanding, etc... This stuff truly is an art and takes a lot of patience. The easiest way to do this if you have a lot of money on your hands is just to take it in and have someone else do it.
Edit: if you just want clearcoat, auto body places should be able to do that
1994 325is M-Technic