Brian,
It all depends on the model of the gun and what nozzle you have installed.
For example; the link below is a tech sheet for one model of Binks HVLP gun. Depending on the nozzle size, the CFM and pressure requirements vary widely. Check the spec sheet on the HVLP gun you are planning on using and that will tell you if your compressor can supply it.
For example, the gun listed in this service bulletin with a 90P nozzle would work just fine with your compressor. With any other nozzle it would struggle to keep up.
http://binks.com/Service%20Bulletins/77-2463R-13.pdf