I've done some oil based painting with the Harbor Freight HVLP guns. Just recently I painted the racing fairings for three track bikes using their
$13 20oz HVLP gun and quart cans of Rustoleum or Valspar Anti-Rust Armor (depending on the colors I want). I use a 4:2:1 ratio (paint, thinner, hardener) and it works great. I use acetone for the thinner and Tractor Supply sells a clear enamel hardener.
This paint probably isn't as durable as automotive grade paint (especially since I'm not clear coating it either), but it looks great from 10 feet away... AND... considering the usage of these bikes (they'll probably be crashed within the next year or so) the $9 per can I spent on paint doesn't bother me for a second.
P.S. Definitely use the hardener or else the paint will literally take a week or more to dry. With the hardener and mixing ratio I mentioned above, however, (one light coat followed by two heavy coats) the paint will be dry enough within 24 hours to be then be taped, prepped and another color painted over top of it (I don't have an oven, just air dry at approx 60*F).