If you goof up on spraying the paint, nothing a bit of wet sanding won't fix
Oh yeh. If you buy a compressor.. its all about the duty cycle and CFM.
The gun requires the following : 12 CFM @ 43 PSI. If the compressor specs are greater then that, you should be fine. The compressor can be running non stop, as long as it provides a steady 12 cfm at 43 psi you should be fine.