I have a 15 gallon Brute compressor, I let it fill up to 120psi and can paint all night on that. The smaller compressors will work just as well, but will kick on and off a good bit while painting. You will need a regulator, to control your psi and a moisture trap. I use Iwata airbrushes and love them, but I am sure the Paasche airbrushes will work fine. You will also need a lure turner, if you are going to clear with epoxy.
Getting started, I would buy up a lot of lure blanks and pratcice, practice and practice. The more you paint, the better you will get. You can use all types of netting to make scales. You can cut stencils out of discarded milk jugs. Just cut the flat sides off of the jug and draw out the pattern you are wanting to paint, then cut out and you have a stencil. Createx and Auto Air paints are great for hardbaits. Good luck with your painting and be sure to have fun with it!!
Patrick