take a look at the Earlex 5500. http://www.earlex.com/hv5500.php
It is a very popular and affordable HVLP system. You can find tons of reviews on them. Here's one from the Woodwhisperer http://www.youtube.com/watch?v=C7LCQ6WVkVU
Varathane Diamond is a water based, hard, clear, affordable finish. Easy to spray, easy to clean, and isn't like spraying toxic death like some of the quick dry lacquers.
C