Stinky,
While I am not an expert painter (and I don't play one on TV), I have painted my 59 Healey and 3 1965/66 Mustangs, all from bare metal.
I have a Crafstman 5 HP, 20 gal, compressor. It delivers 11.3 CFM @ 40 PSI and 9.3 CFM @ 90 PSI.
My gravity feed HVLP paint gun is a Devilbiss GFHV-901 which requires a constant 100 PSI and internally meters the airflow to provide 10 PSI out of the paint nozzle.
My Crafstsman will not quite maintain 100 PSI, but will hold over 90. It does a good job.
My point is, rather than ask what compressor is good, First identify what paint gun you want to use, THEN buy/rent a compressor that will support the gun.
ALSO, if you intend to use air tools to do some of the bosy work (is there any other way) BE SURE to identify what the air requirements for those tools are. MOST air tools demand an ENORMOUS anount of airflow. A DA or sanding board will suck the life out of most compressors.
I would NOT buy or rent any compressor that will not support your needs. You WILL regret it.
As an aside, a couple of years ago, I was given a 3 HP (120VAC) compressor. By combining the outputs of the two compressors, I can now stay well ahead of my paint gun.
Here are a couple of small suggestions that yeild BIG results:
1) ALWAYS use a NEW air hose for painting. Nearly all compressors impart some oil into the airflow. Don't trust an old air hose to deliver clean air to your paint gun and the items you are painting. $10-$15 for a new hose is cheep insurance and a small part of the $750-$1000 that you are going to spend to get a good paint job. Depending on how clean & dry your air is, you may be able to use the same hose for several painting jobs.
Also always use an in-line filter between your compressor and the paint air hose. I also use a water separator/filter at the gun.
2) You MUST have DRY air. ALL compressors impart water into the airflow. You MUST remove the water before the airflow picks up the paint to apply to the panel. Use a good water separator and/or frequently change your in-line filters.
I used to lay 2 - 50' lengths of airhose running down, then up, my driveway. These hoses would allow the hot compressed air to cool and condense the moisture to be drained before use.
I now flow the compressed air through 50' of copper tubing in the bottom of my garage refrigerator. I still use the 2 - 50 footers, but now they warm the air before it gets to the gun.
Good Luck. Remember, 95% of a good paint job is in the body and paint prep work. Waving the gun around is the EASY part ! Important, but much easier than the prep work.
Tim