Like bob said ...you dont have to spend a ton of money to have a nice paint job.
Some experienced painters are trying to share what they have learned the hard way. I'm learning everyday.
Successful painting takes a few things, clean surface,clean air,clean material ,clean environment, correct temperature/humidity , correct mix ratio,gun set up for material sprayed(needle,nozzle)consistent application.
I understand what you were doing with your compressor ..and you still can use it, but you will need to be creative about filtering the air. Maybe run from the main tank to another with oil/water separators after each one..or a series of large diameter (1-1/2" ?)u bends with a couple of separators. The list noted above is pretty definate. But there are a million ways to get there.