Hi Mike,
You've gotten a lot of good advice so far regarding welders, paint guns and compressors. Tackling a project like this is a great opportunity to learn new skills and have the satisfaction of a completed job at the end. Just be sure not to bite off too much. That's where some of those abandoned restoration projects we see on eBay probably come from!
Spend some time watching "Overhaulin'" and "American Hotrod". Notice that both car builders tend to send out certain work, or at least delegate to a separate team of specialists. Both shops usually send cars out to an independent media blaster to get the old paint completely off and best identify what body repair is necessary. They get the car back, do their thing, sometimes bringing in engine/drivetrain/exhaust specialists along the way, then send the car back out for final paint and upholstery.
Granted, Coddington has his own group of paint specialist to rely upon. My point is it's a lot of work and a number of different skills that go into a restoration and it's very hard for one person to learn them all. It can also become an overwhelming task, too much for one person.
Personally, I would do the body work, body fitting and prep, then leave the painting to someone else. There are a couple reasons for this.
One, I live in California where there are a lot of restrictions on auto painting. Plus all our neighbors are within a few feet and unlikely to tolerate the noise and smells. Check for laws and regulations in your community. Maybe there is no problem where you live, but find out before investing in a lot of equipment.
Two, there is a lot more to a paint setup than a gun and a compressor, if a decent quality paint job is the goal. There are safety issues, particularly with two-part paints, that might mean buying breathing apparatus. There are concerns about water and other contaminents in the air supply that can quickly spoil a paint job. Some sort of water/oil separation is necessary in the air system, a lot more than just the commonly available air/oil sperators sold with compressors. And, a true spray booth is still the best way to both apply and cure the paint for a fine finish and long term durability.
Finally, painting an art/skill acquired by many years of practice. It's been 20+ years since I've done anything more than rattlecan spraying and I would be concerned about my own abilities to do a job I'd be happy with, in the end.
Here's an alternative possiblity...
You might want to ask again at a couple of those body shops you already visited, but this time find out what they would charge to *just* paint the car. That would involve a great deal less labor on their part and should reduce their quotes a lot. If you were to bring them a car with all the old paint removed, body work done, trim removed and major body parts separated, etc. that's probably the majority of the hours that they would normally need to put into the job. Prep work is the most time consuming. They will still likely need to do an all-over sanding, mask, apply a sealer coat, a primer, and one or several top coats of paint. It's a couple days work instead of weeks! Your car would come back to you freshly painted, but in pieces for you to reassemble.
Anyone taking this approach will need to insure paint compatibility. Talk with the shop about what type of rattlecan primer you can use to protect the work while it's in progress, although the painter will need to mostly sand it off and paint over it in the end. Bare steel begins to rust within *hours* of being stripped and needs to be protected until the car goes out to the painter.
By going this route, you won't have the pleasure of learning *all* the trades, but might find you can learn several well while your resources go farther in other areas and the job feels a lot less daunting.
Another thing I'd like to suggest is to take some welding, body work and painting classes at a local community college or vocational school. Heck, you might even be able to work on some of your own stuff in the course of the class. These and good high school vocational programs are also a possibility for lower cost final painting, too, but at some risk with people working on your car "for the experience".
Speaking of "body work", not to worry... You will get plenty of exercise sanding, grinding, welding and hammering (and painting, if you choose to do so). You might want to drop your 24 Hour Fitness membership during the months you're working on the car!
Other books I recommend are Ron Fournier's "Metal Fabrication" for general information. Also look for Spitfire-specific books similar to the TR-series "How to restore..." written by Roger William. He hasn't written about Spitfire yet, but I see on Amazon there are Haynes Spitfire Restoration Manual and Practical Classics Spitfire Restoration. These model-specific books can be a huge time saver by addressing problems you'll most likely encouinter and offering proven solutions.
Best of luck with your project!
Alan Myers
San Jose, Calif.
'62 TR4 CT17602L