HVLP are the choice of pros, but they demand at
least a 12+ CFI air compressor as they're very volume needy. For occasional amateur spraying, an old siphon feed gun and 4 to 5 HP compressor will suffice, and it won't break the bank. I see Sharpe, Binks and DeVilbiss guns cheap at pawn shops here by me. With base/clear, you don't have to be a great painter because you can wetsand out orange peel , runs, dirt etc. and get it really flat. It's very user-friendly paint really, once you see how it goes on. I'm more skilled in wetsanding than painting-I just know how to lay the paint and avoid runs, but that's about it, I HAVE to wetsand and buff to get the results I want. I painted my SC with a very old Sharpe siphon feed gun and a 5 HP compressor, and it's earned me a 1st place trophy at an All-Ford show, with the paint being a large factor in that, so in the end it really doesn't matter. On the other hand, if you can swing the $$$, HVLP all the way, you wouldn't be sorry.
You'll go through more paint with a siphon feed gun for sure, but unless you're going to do it on a continual basis, it really doesn't justify the expense of HVLP and the high volume compressor. The latter being the bigger cost.
Mike, make sure you find a way to protect your lungs, the isocyanates in the activators for the clear can literally kill you, or give you permanent asthma at the least, and there's no OSHA approved respirator for isocyanates either. You must use a positive air system. I used a scuba tank when I painted my SC (man are they ever heavy on land!) so you can improvise. The important part is to make it a priority, because no paint job is worth your lungs.