Bought my compressor at Lowes, 2 stage oil, Its the stand up 60 gallon I believe, Not to noisy and keeps up well. Had to run 220 wireing to the shop but it was worth it. As far as a gun, I use a $70 gravity HVLP that I bought at Home Depot. Ive been really happy with it. Seems to do a good job. Ive heard that others really like the gravity, HVLP gun from Habour Freight also.

http://www.imagestation.com/picture/sraid154/p615473ba09935e9988b8ca61f5bc16c9/f581b135.jpg