I have a 16 cfm compressor for over 20 years now and i paid $700 back then and it has never missed a beat, like my evil twin said , the water seperater is the most crucial component when spraying paint
as for the mig i have a little uni mig i bought from CIG (now know as BOC ) and if i am working on the car its a awesome unit but welding thicker metal it does to over heat and shut down ( but thats ok because its BEER time)
Loui