I sprayed my entire car a few years ago so here's my experience.
I have a typical smaller portable home workshop compressor. Pressure was fine but it could not deliver the air volume needed for typical HVLP guns. I did find a gun that worked at lower volumes but will have to find the make/model (may have been Grizly but not sure right now).
I used Eastwood two part single stage paint so no clear coat. Just primed (Eastwood again), sand, repeat then lay down the paint, let it cure then wet sand and polish.
For a first time attempt at painting a car, it came out pretty decent.
You'll need a proper mask with filters to protect you from the paint fumes. I did a quick spray one day without the mask and spent a week recovering from the effects of the fumes. Not good. Wear a mask, also one of those painters suits you can get from Home Depot etc to keep it off your skin.
Cover everything in your spray area with drop cloths or build a 'spray booth' of some sort because the paint spray will go EVERYWHERE. The garage walls/floor, pretty much any flat surface, were still red a couple of years later from my sraying.
Never done wheels so cannot comment.
It's very satisfying to do. Well, once it's done it is but not sure I'd do it again.
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Anything I might say is probably worth what you paid for it, so treat it accordingly!
Dave
www.ltlfrari.com