Just to sort or what Phil C has said above, it's not so much you'll get the air down to zero and the paint dribbling out you'll have the compressor running almost constant as it tries to keep up with the air required, and if that happens it won't have a long life
Ideally as I mentioned before you need a compressor that is more than your gun, you don't want to be mid coat and have to stop while it fills up and then get a dry edge as you've stopped half way through. So if you're gun is 7cfm and you can get a 12cfm comp then yes that's much better.
2 Pack is the best sort of paint to use, as long as you're careful with it and understand how dangerous it is then you'll be fine. I don't know what else you're going to use. Celly is fine but I'm not sure you'll get the colours, water based it horrible in the respect of you have a black car, when you mix it the paint looks dark green, when you spray it on the paint looks dark blue, once it's dried it's eventually black, then you still need to clear it with 2K lacquer.