You might be better off with a turbine based HVLP.
I have a Fuji but other brands are available. My Fuji is quite old and only 3 stage but if you are using the Morrells AC recommended by
@Notch7 it will not struggle to atomise the paint.
When working with AC paints, you are supposed to use a clean air supply full face mask. I use a bog standard (AEBK) half mask but AC has been known to trigger asthma in people that have never previously shown symptoms.
That aside it is lovely to work with. I can spray a door and pick it up half an hour later and sand it after an hour or so. It is also extremely durable. Water based finishes become soft when exposed to oils (even the oils in your skin). Oil based is pretty durable but the overspray stays sticky for ages. The overspray from AC is often dry before it hits the floor.
High Volume Low Pressure spray systems for an outstanding finish!
www.axminstertools.com
I decided to purchase an extra hose so that I can keep the turbine 50ft away from the spray area. It prevents the turbine from sucking in any over spray and means that I don't have to listen to the noisy motor. I also purchased a remote controlled through plug so that I can turn it off and on without having to walk all the way back to the turbine. Another advantage is that the air entering the gun is cooler. Oh, and I also purchased a whip hose. The regular hoses are fairly rigid, the whip hose less so but should be considered a consumable- they are prone to eventually splitting.
If you decide to go down the compressor route you will need one with a pretty big reservoir and CFM. Additionally you will need a moisture trap.
Another alternative is an airless sprayer.
Electric airless sprayers ranging from cordless paint guns to muti-purpose contractor sprayers. Contact our team for professional advice on 01622 356590.
www.spraydirect.co.uk
I have never used an airless sprayer but you need to work faster with them as the rate at which the paint is expelled is far higher. Unless you go for something like the handheld Graco, you also need to factor in the time needed to clean the inside of the hoses (which can be quite long).
If I needed to spray waterbased finishes, I would buy an airless. For AC, my old 3 stage is absolutely fine.