I recently painted a smaller car ('72 914) in my garage. I'd never painted a car before, just small stuff and rattle cans. I'll pass on what I learned:
BOOTH
I have an HOA, so I made a paintbooth with 2x2's and plastic. I used house fans to circulate air. I spent about $200 or so on it. They have inflatable ones now for about $90 that come with everything you need. The booth keeps the paint off everything else and helps keep the dirt out. Don't forget to cover the floor.
PAINT
Go to a local supplier and they will give you "free" advice when you buy supplies. I used single stage auto paint. Ask for something decent, don't get the cheap stuff.
SPRAYGUN
I used the HF $70 gun. It worked, but I'd recommend buying a better one. Mine seems to be wearing out already. The one you mentioned is fine from what I hear. My HF detail gun broke on the third use, so I'm thinking of buying a better gun. I'm leaning toward the Astro Pneumatic EuroHVT1 (about $100). I used it for longer than I thought because I practiced. Use the paint and gun you are going to use. It's cheaper with water-based, but you want to practice with what you will actually use. I used a little less than 1.5 gallons of paint total on the car and when practicing.
Once you know how to paint, you will find yourself painting more stuff and wish you'd bought a better gun!
COMPRESSOR
Get a decent one. You need decent CFM. Mine is a 33 gallon that puts out 8.6/6.4 CFM @ 40/90 PSI. It cycled on all the time when painting, but it kept up.
You need some way of removing moisture from the tank. I hooked a 20' coiled hose to the tank, that went to a double moisture filter, that then went to my hose reel. From there I had the moisture filter, regulator then gun.
PAINTING
The HVLP guns work well at lower pressure. Find a distance and pressure that works. I found that about 15 psi and 6-8" away worked pretty good. Spray when it's about 70 or so degrees in the painting area. Don't spray when it's too hot; the paint will dry before it hits the surface and you will have terrible finish.
I used the slow reducer and hardener, even though they're for hot temps. They allow the paint to settle for longer. It takes longer to dry, but it's more forgiving for beginners.
It takes awhile for the paint to settle out to its final look. Paint, then clean your gun. Come back for a look and see how it looks.
I was told to wait about 15 minutes between coats. I would clean my gun and refill it in that time. Don't just put new paint in; the previous batch is hardening.
PREP
Sand and clean the surface. Then clean it again. Get lots of rags.
Get decent sandpaper. 3M makes good stuff. The auto paint store will have some.
Try using a guide coat to see where the low spots are. It's carbon black. Makes a mess, but shows you the low/high spots.
I used a combination of electric, air and hand sanding.
POST PAINT
If you spray it right, you will get no orange peel, or maybe just a touch. You will need to wetdsand it. I used 1000-1500-2000. I bought rolls of the good stuff. Softsanders.com has sanding blocks and the rolls. For polishing after sanding, find a "system" you like. I used Chemical Guys compounds with a TorqX polisher.
PPE
Respirator (I used a lower face one), hood, googles, coveralls, gloves. Mandatory. Don't mess around, just do it.
If you wear glasses, you will get paint on them, so wear an old pair that you can throw out when done. I kept my old pair until I was totally done painting the car. I tried to clean them off, but it's not easy.
I didn't wear anything while wet sanding, but did wear a face mask when polishing.
I'm sure I'll think of something I forgot.
