FMX, It's more a matter of labor, than materials cost. If you are going to buy good paint for an early car, I always plan on $1000-$1200.

I should add, that if you find a dark purple pearl in a basecoat, it will not Look like the color on that '40, unless you do something like I described. Also, you can spend less than I estimated, that is your choice, but when I paint one, I only want to do it once!