Your compressor will probably work for short periods of time and then you'll have to let it catch up. But the parts are small so that really isn't a big deal.
Get a good water separator and an hvlp gun. I have a hvlp I bought from Harbor freight for $15 on sale and it works better than I expected.
As far as paint goes. you can go to tractor supply and buy primer, paint, reducer and hardener and it'll get you real close in color for under $100 Or you can go anywhere they sell automotive paint and get some paint mixed up by color code and get an exact match by using the color codes on this chart.
http://www.onlycubcadets.net/forum/showthread.php?t=19