I am gonna buy the same kit, I would go iwata if I had the cash, (donations?). The thing that I am looking forward to is having more than 1 gun. The one gun things sucks, it sure takes a lot of time to clean out every bit o' primer for the base and clear coats. My local shop swears by the Devibliss for the bang to the buck ratio. They say it is a best seller.
I have that size compressor and I use it for everything including annoying my neighbors because it is so friggin loud. If decibels are an issue, I highly recommend checking, it was something I didn't think about. As for the capacity, I never run outta air.
I went to the local hardware shop and looked at what other cool air tools they had and I found an air sander/buffer. All I can say about that little monster is it freakin' rocks..but that is a whole other thread.
Good luck with the buy!
Oz