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If your using automotive type paints, I doubt it would atomize the paint to a degree that would be acceptable, but it realy depends on what kind of quality you expect. Even the old 'top of the line' guns from 15 years ago do poorly with modern paints.
There are some, however, that will tell you they painted there vehicle with their granny's old mop and it turned out 'GREAT'. It all depends on what is acceptable to you. I have a hard enough time making it look good with all the proper equipment.
Have you considered renting or borrowing the equipment or doing the prep and having someone spay it for you?
Why not use rattle cans. I used to use nothing but rattle can's to paint our race car before Steve was good enough to buy me a regular paint gun. There's even been alot of talk in this forum of guys painting their whole truck with rattle cans.