I painted my jeep with a 110v, 4 hp air compressor with a 20 gallon tank. It worked fine. every now and then you had to stop to let it catch up. I would recommend the HVLP (high volume, low pressure). It just takes less air to push more material. water filters are absolutely essential.
JP, love the recommendation on going up 100 grits at a time. Make sure you read the info w/ all your products. Some will work together, some will hate each other and make a MESS! Lots of sanding, hand sanding will be slower but will give you more control until you get the hang of what you are doing. start sanding/prepping/painting on areas that aren't highly visible, just to get your legs under you. Most love to start with the hood and fenders first. Start with the back of the cab, where the bed will hide it. make your mistakes and learning opportunities in the obscure places. make the eyecatching parts the final thing you do.
and its been mentioned before, but my best 2 pieces of advice, patience and ask questions. The reason repaints are so expensive - paint isn't cheap, and neither is skilled labor. And it takes a whole lot more labor than paint.
