[squidtone]

I think you can do this with no problem.
I am cheap, because I have to be (lo budget). But I try to do the best I can with what I've got.
I used an Astro EVO LVLP 1.4 tip gun, and I think it was a pretty good gun for a cheapie. Key thing is with these is to make sure you have at LEAST 22 PSI at the gun. Any less and poor atomization is just going to be miserable.
My 60 gallon compressor kept up with painting with no problem, but I think I could have been better off with hi flo fittings. I just never got to it before I sprayed. The plumbing of the hose with traditional fittings limits good air flow.

I am saving for a buffer right now. I haven't cut and buffed yet after 7 months! (just taking my time assembling everything else) As for the cut and buff, I am going to use 1500, 2000, 2500, and then the Maguiars route with the 205 and 105 compounds.
I only "hung" a few small runs down low on a fender, and I have already sanded those down with some 600 grit VERY carefully.
I watched the James Freddys guy on youtube on how to "cut" the clear, and I think he did a great job explaining it. It's on the Bronze firebird he did. A good resource to check out.

Anyway, GOOD LUCK!

Dave