I did my body work and paint.  If I were to do it again, I would go to Macco or some one like that do it.  It's a lot harder than it looks.  I painted my jeep 2 times to get it right and I still have a bump here or a run there.  Some of the parts got painted 3 times.  It does not take much equipment to paint a car.  A compressor, a good spray gun, maybe a paint shaker, a neccesity if your gonna have a metal flake, and maybe a few other items.
All in all, its not a big $$ purchse because your not really buying the compressor for just the paint, it will come in handy all the time.
Do the body work, prime it, send it out for paint.
Good Luck
Vinny