I agree about the issues of o2, and this is how I use my co2. Crack open a window in an adjoining room for air flow, then I have a 465cfm exhauast fan in my paint booth. And no matter how you paint as long as your in a closed inviroment (indoors) use an appropriate face mask filter for your health. I use a 20# bottle which will paint approximately 5-6 kits/builds. 
I just got a WICKED deal on a Badger Cyclone II compressor 180-11 (http://www.hobbymasters.com/index.asp?PageAction=VIEWPROD&ProdID=2266) for reference. I got it on ebay for 190$ shipping included.
Very interesting. What attracted you to this auction? At 1/12 horsepower and 30 psi max pressure, the compressor is very low power and NOT very versatile.
Everything you mentioned up to now had more power, more pressure capability and costed a lot less (as new with manufacturer’s warranty) than this one.
the auction is brand new, with a warrentee. Plus, It was recomended by a friend who has had this one and used it, for some amazing things, for a good 12 years +
Badger is a very reliable brand and the Cyclone2 is a good starter compressor for light duty tasks. The compressor does not come with the filter/regulator. You may be able to use it without a regulator because it does not exceed 35 psi, but is good to have one if you want to paint finer lines at low pressure. A filter is definitely need to be added.
The 180-11 is an older model that had been discontinued awhile back. You may want to check with Badger on its warranty before opening the box. Better yet, you may want to check with the seller if he will exchange it for the current Badger 180-12 model, which is slightly more powerful at a lower price. Otherwise, the features are the same with the exception of an on-off switch on the Badger 180-12. The 180-11 does not have an on-off switch on it which requires you unplug it when not in use.
Here are some recent sales of the 180-11 on Ebay.
It gives you some idea on how much people are selling used Cyclone2 on Ebay.
will that compressor run on 110 volts? I need a small one for use in my garage, and maybe run a small die grinder from time to time.
gary
not trying to hijac the thread or anything, but whatkind of spray booth is that? I really like it.
gary
Gary, It’s homebuilt with a lot of reference from Gip. Check out the SUPERBOOTH thread by dirtball.