I have a 150 litre compressor coming from machine mart, its about £350. Thats the size really that will power most things no probs..Only thing it will struggle with sometimes will be a da sander. Get a decent da, and buy discs from ebay or paint suppliers. I pay through the nose for paint, because the bodyshop i work in uses water based paint.. But now me and Doc have our huge garage, i can go back 2 normal gear, and i get that for about £8-10 a litre, then u got your hardener, thinners, laquer.
It really all is in the prep work. Painters in my work, dont like prepping or masking. They want to just blast the paint on and leave. The paint job on my mk2 in my sig cost me about £100 all in, and never needed polished after painting. 5 coats of lotus elise yellow, with clear laquer thru final coat.. Soon goin to be doin resto work for friends, pity u werent closer......