Cheap clear will yellow over time. Even if it's not in the elements. Cheap base coat won't cover with just 3 coats. After you get it outside in the sun, you will see through the thin coats because the base didn't cover.
The cheap guns, will give you headaches trying to get them adjusted properly, and you'll spend days sanding out the runs and the orange peel in the clear. After you sand through the edges and ridges, you'll have to reshoot the base coat and clear to clean it up.
The little Sears compressor isn't going to give you enough air go completely around the vehicle. You'll have to wait for it to build up pressure. While it's filling the tank, your paint is going to start setting, and will be rough.
I've been building cars and trucks since I was 26 and own my own body shop. I know what I'm talking about.
Why do you think that getting a vehicle painted by a professional is so expensive?
Frank