Wes - I don't think that you will be able to buy the Compressor that you need for less than around the £600 mark - at least, not a new one.
If you want to spray more than one small panel at a time, and also to do any sandblasting, you need one with at least a 14cfm output, and with a tank big enough to store the quantity to do the job you intend to, otherwise you are always waiting for it to catch up every couple of minutes That rules out the small units, and if you check the Machine Mart or similar websites, they are priced from at least around £500 upwards. If you don't get the right unit for the job, it will be a waste of money.
I suggest that you ask the counter staff at one of their Branches for their advice - they ( usually ) know what they are talking about.