All good advice for the compressor but for painting you will need a good gun. Get one that's HVLP (High Volume low Pressure) and gravity feeding. you will have more control as the pot will not be in your way and they are easier to clean. Also get one that you can buy extra nozzles for and ask whoever you buy your paint off to recommend what size nozzle for the paint you decide to use. If you are doing clear coat you may want to consider two guns as the washing and swapping between colour and clear is a pain.

Here's the gun I bought, it is a iwata copy and cost me $150 make sure you buy the stand thingy accessory - gravity guns are a pain to fill and leave on the bench.

http://datsun1200.com/modules/myalbum/photo.php?lid=22661