If it's only a 20-30 gallon tank on your compressor, you will probably struggle with flow capacity. (The 33 gal. Craftsman vertical tank compressor with 165psi rating can only produce 6.8 scfm ... way too low to spray with). You will have a hard time spraying paint consistently, and using a D/A Sander will empty the tank very quickly! With a small compressor like yours, the only spray guns that would work would be detail or touch-up guns like the Sata MiniJet or DeVilbiss SRI-Pro.
Ideally, you should have a compressor that produces at least 13 scfm at 40 psi and has a 60+ gallon tank.
Sorry to be the bearer of bad news.

not the bearer of bad news, thank you for the info. I am already looking into getting a compressor now, and since this one I am only borrowing, its not too much of an upset... Could I still use a RP or LVLP type gun with this compressor? its a 25 gal craftsman btw, model number 919.165060, or should I just go ahead and get a decent compressor?

I think the 25 gallon Sears compressors produce even less at around 5.5cfm@40psi which will not work unless you use a small detail gun as mentioned already. Can you borrow several small compressors and tie them together? Some people do that with satisfactory results.

Decent compressors will last for decades with top of the line models pretty much lasting a lifetime. Compressors are useful for all sorts of things, even if I didn't paint, I can't imagine getting along without one at my house. Because of this, I suggest to save up to get at least 5hp 60gal compressor or larger two stage.

Have you checked Craigslist? If you are patient, I have seen some good quality and lightly used compressors for way below new prices. good luck!

Craigslist is an excellent idea, I have to check there. I ended up getting a Finishline Devilbiss Flg4 gun, and I am going to look into a decent compressor now. I was hoping to get this project underway come end of next week since I have a good bit off from work, so i guess I will have to see what I can manage. Thanks for all the good advice, I will certainly be back for more!

The FLG4 is probably one of the best values in spray refinishing right now. Near Tekna quality atomization at budget pricing. If I was a new or hobbyist painter and didn't have access to the higher end DeVilbiss/Sata/Iwata equipment, this would probably be my gun of choice.
Keep in mind that the FLG4 requires at least 10 - 13 scfm@40psi at the gun, depending on the aircap.
Please make sure whatever compressor you get is rated for at least that much airflow.
Good luck!

I spray using a FLG4 and love it, it came with 3 tips and I can spray everything from primer to clear with it.

It is air hungry, my old pump was rated at about 12cfm @90psi struggled to keep up, once it kicked on the pump would keep running until I stopped spraying building up heat and moisture.

My new pump rated at 17CFM@175PSI kicks on at 120psi and builds back up to 150psi without taking a break from spraying.

Remember these guns are rated at 40PSi but you usually need to regulate the air to 70-90psi at the main tap to maintain 25-30psi at the gun after 50 feet of hose and any filters you might have on the gun.

Thanks again! I have been looking for a compresser that can put out a min of 14 cfm, and I might have a bead on one off CL for a decent price. It seems tho the closer I get to painting the car, the less and less I feel I am ready for it lol. I have been avidly doing as much research as possible, and I keep coming up with more things I know less about! If I can manage to find myself a compressor soon, I think I am going to do a couple practice runs on some spare panels before I sand the whole car down...

It seems tho the closer I get to painting the car, the less and less I feel I am ready for it lol. I have been avidly doing as much research as possible, and I keep coming up with more things I know less about!

Same here, only instead of testing the waters I just jumped right in

I've been looking for compressors, and I've found to Ingersol-Rand 60gal / 5hp compressors on CL, the one is asking 375$, the other didn't list a price. Could I get your thoughts? Seems like they are both in good shape.

What is the SCFM rating at 40 and 90 psi on the compressors? Are they 100% (continuous) duty rated?