Mike,
I've been spray painting for quite a while (and certainly no expert), but I have never used a booth. My garage does have a vent fan on the roof, but it only comes on at a certain temp.
Most of the time I clear out the center of my garage (move the Mini out of the way) put a table and a cardboard box in the center, close the doors, place the piece on top of the box, and start spraying.
I use a Badger Crescendo 175 and an old Miller 1/10 HP compressor from the 1970s.
The 175 "set" (with all the nozzles) will run $100-160 depending on where you get it.
A few years ago I went to an IPMS show in VA. Beach and the Iwata girl showed me how to use their airbrush. She also said to thin the paint to the consistency of 2% milk.
While there I asked her what air compressor she was using. It was an Iwata, I couldn't hear it running. My old clunker makes a racket and probably causes me to get in a hurry.
I've been using mainly Testors Floquil Railroad Acrylics:
http://www.testors.com/categor...67/Railroad_Acrylics
and their Universal Thinner:
http://www.testors.com/product...irbrush_Thinner_4_oz.
I keep a large cup of water nearby so, when I finish applying a coat, I can clean the airbrush before the paint dries inside. Pays to wear gloves too or you'll be scrubbing the skin off your hands if you're clumsy like me. A roll of paper towels too!
I've been using the Steam Power Black of my steamers lately, it seems to show the details better than Engine Black.
Like anything in this hobby you can spend as much as you want and get all A1 top of the line stuff, but you can also achieve what you want with very little.