We spent $800 on our compresser (19 CFM from memory), but then again, its a real one :D (You get what you pay for)
If you want tools, also check out trade tools direct, they sell shitloads of nice tools, I drool every time I walk into one of their stores..
Also note that the spray gun there has a 2.0MM nozzle, 2.0MM is more of a putty gun than a spray gun, for spraing paint (colour) your best off with a 1.5MM to 1.7mm nozzle..