Dude, you live in IL. We haven't even had any hot weather this year. It's been the coldest summer since forever. You really need to grow a pair. (Just playing.) Anyways., you can either make your own or go to a descent hydraulic shop and they'll fab a pair for you. Where in IL do you live? . I have quite a bit of extra parts if you're missing anything.
First of all. You need to do a lot more research. Use the search function. Second please try to improve your keyboard skills, i.e. Capitals , sentence structure, spelling, etc. Good luck.
BTW. That is the boost controller from Turbonetics.
There are a lot of things to consider. As others have said, don't drop your wad on the gun. You will need to spend money on filters/dryers. Also, have you chosen your paint yet? Depending on the paint and primers you will be spraying, will determine your tip/needle size.
I've been using this setup for a while. I gotta say it works great for the money. Should include everything you need.
http://www.eastwood.com/paint-equipment/paint-guns/devilbiss-auto-paint-and-priming-system.html
We need more information as it could be many different things. There is a good chance though that it has to do with the timing. $1200 isn't a bad price if the car is in good shape overall. The biggest thing that will cost you is rust. I would inspect the car well, if its rust free and you have the time to fix it. I say go for it.
You should never use a sealer with a cork gasket. Just lightly oil it on both sides prior to installation. With fiber gaskets I would use some sealant. Just make sure to use it sparingly and not have it squeeze into the pan. Also, do NOT over tighten your bolts. It also helps to go around and tighten each one a little bit at a time.
Possible? , yes. Would I recommend it, NO . Unless you have major welding experience, you will just make things worse. I recommend, get a cheap MIG and practice a little