I'm completely new to finishing guitars
oh boy...
Might I suggest something a little less difficult for your first project?
This may be of some help:
http://www.stewmac.com/shopby/product/5095Nonetheless, onward towards peril....
have heard a lot of good things about Krylon spray paints.
ummm.... no. Formulation has changed several times since this was true. Do Not Use. Very thick, soft and gooky.
I'm going to sand a sort of fake binding around the edge down to the bare wood
Unless you have a very steady hand I would suggest using a binding cutting tool to remove the finish.
then finish the whole body in clear coat (I'm aware that I'll need quite a few coats).
Laquer clear, yes. Automotive clear no, just one coat unless you're using pearls or flake which you would bury with a second coat.
I assume I'll also need to use a primer?
Yes. Zinsser Bullseye sanding sealer, which is pure shellac. Do not use their "shellac" which contains waxes that the paint will not adhere to.
Also, if anyone knows or any other cool paints I could use to get a sort of black glittery finish then please let me know.
I would suggest an automotive base coat/clear coat system for a black metallic finish.
House of Kolor is a good place to start to get some ideas.