Hi Dan
Not sure if paper filters would be the best option for paint.
I know there are a lot of people using them but as you say the motor H.P requirements need to be big .
The problem with paper /fiber glass is paint tends to dry/ or "set" very quickly when blasted with air (especially thinners based paints), so it will quickly start blocking the filter which restricts the air flow which allows more paint to set in the filter, so around and around it goes and probably starts drawing air around the filter or from the back.
Lots of guys use "flash proof" Gas Heater fans from old home gas heaters. The overspray is transferred (suction) via a spray booth (box) into corrugated plastic or Al (heater ducting) ducting along which it travels through the fan (squirrel cage heater fan) and out to the atmosphere.
If you use enough flexible ducting (4" or Bigger) the paint solids tend to set in the ducting, not the fan blades, the solvents or water will be expelled through the fan- which MUST BE FLASHPROOF. Connect the ducting via PVC pipe fittings.
Bash the ducting occasionally and the paint solids will fall off as paint dust. Had one for years and still works as new, still passes the required air volume tests too. Pete