This is informative. The Earlex product line is very good and you can get a model 5500 for about $320. It's a good starter unit if you want to try spray finishing.
http://thewoodwhisperer.com/waterborne-finishes-hvlp/
A couple of refrigerator/freezer cardboard boxes cut open work nicely...
I've ordered some Target USL waterborne lac and was curious about what I can use for stain. I have been using water soluble dye recently and have been happy with the results. I do have a stock of oil based stains and was wondering can I use the target spary lac over let's say a Minwax stain...