I don't think you can spray Tremclad, it wasn't designed for that, unless you mean the rattle can type. If you mean that stuff, yeah, you ought to be able to do two coats in a day.

When I rolled on my paint, I did two coats a day, and waited 4-5 hours between coats. I tried to sand the next day, but it wasn't always dry enough for my taste, so I ended up waiting more like 2-3 days before wet sanding.

Your mileage may vary.