Hi Gene! Here is some information that would be handy to know prior to making recomendations:
1. Do you know what your CFM requirements are going to be?
2. At what pressure will you be operating?
3. Will you be using the compressor for other uses? What else might you use it for?
4. Will the air compressor be set up permanently, or would you like for it to be mobile?
In lieu of specific information, here's what I'd do:
I don't do a lot of spraying, I use compressors more for powering pneumatic nailers and staplers. However, when you've got four or five guys running framing nailers and sheathing staplers you still get into pretty high CFM usage. If I were going to, say, finish some interior doors with a pneumatic fed can sprayer, or spray texture ceilings with a hopper for that matter, I'd probably utilize what I already own, which is a Thomas Air Pac T-2820ST compressor. It is a 2HP-class, 4 gallon twin stack compressor with dual cylinders, and will deliver 5.0CFM at 100PSI, which is about as much delivery as is possible without going up to a gas-powered compressor or a 240volt compressor. I like it because at 66lbs it is still relatively portable, it only draws around 13.5 amps so you won't be blowing breakers, and it is 100% duty rated, which means you can run the unit continuously all day without damaging it.
Another trick you can do is buy an additional tank to run inline between the compressor and spray gun. Now you can augment your 4 gallon compressor with tanks that typically come in around 5 gallon or 12 gallon sizes, thereby doubling or tripling your capacity, depending on what size and how many tanks you employ. This way you can get by with a lower-cfm air compressor, as you have a greater air reservoir to work with.
These are just a few ideas, I'm curious to hear more about your project, good luck!!
http://www.thomasairpac.com/products/airpac/airpac_electric/T-2820ST/t-2820st.jsp[attachthumb=#]