I'd get the electric model so no compressor is needed.
Please tell me HF makes something I don't know about and that you aren't talking about the 20 dollar house paint sprayer!
I you are only doing small jobs, a HF 21 gallon compressor (@150 bucks plus hoses and driers) is worth the investment and should put out enough for small jobs through and HVLP gun.
If you are seriously talking a rattle can job here and there a better option would be Preval sprayers which are about 5 bucks a peice and you fill them yourself.
Preval Sprayer