Wayne, I use a HVLP sprayer for many of my finishes. The thinning ratio depends on what you're spraying: lacquer, shellac, varnish, polyurethane, etc. The needle on mine is too small (1.4mm) to handle latex paints, but I can do oil based just fine. I think you would need at least 2.0mm for latex.
I'm about 45 miles from you in Liberty if you ever want to come "play around" w/ a sprayer before deciding what to buy.
HTH
Bill