Re: trailer restoration
For paint, I'd go with POR-15 as a base coat, rustoleum primer for a tie coat (read directions on POR - tie coat has to go on while POR is still curing), then rustoleum enamel for a top coat. You have to put a top coat on POR as it will fade in sunlight. I have refurbed many snowplows and this beats everything I've tried. Even with sandblasting, you will still have some small rust spots you can't get. The POR (Paint Over Rust) does a great job of encapsulating the rust. It is also hard as steel when cured. Top coat it with you choice of color rustoleum or other enamal for a durable, easy finish.
As for sprayers, your pancake compressor will not keep up, nor will it supply dry enough air. I use an 80 gallon Quincy compressor, running through two water separators, and it's marginal for HVLP. Brush the POR on (two coats), and brush or borrow a larger compressor to spray the top coat on.