Rick,
I'm sure that others will chime - but here we go:
Your compressor - It probably wont make it for a full car, but for panel painting it might work fine.Buy all of your paint at the same time and if in several quart cans, need to be mixed for color consistency. You will also have to make sure that your compressed air is dry - and that's another entire subject for discussion.
Sanding blocks are almost a personal thing. I'll show you in a photo some of what I use.
As far as blowers - just make sure you are pushing air over the surface instead of drawing it over UNLESS you are sure the motor is explosion proof. Paints and their solvents can get explosive with the correct mixture - then bang.
HVLP = High Volume Low Pressure and the best are gravity feed. You need between 10 and 15 cfm depending on the gun make for them to work right.
Urethane with a Base Coat/Clear Coat combination works the best and is the easiest though not necessarily the cheapest for a newbie to use. It will be the same as new car paints and most custom paint jobs
Water Based - not for the average guy. TV shows really don't tell you how difficult any paint job is - they tend to gloss over the hard stuff.
Lacquer - old technology and really not a good way to go in today's world.
Primer - epoxy is the best while the lacquer is the worst for protection with what is commonly called 2K in between and is a urethane base. Regular lacquer primer is NOT water resistant.
Your trailer will be a good place to start - but you do need that book I suggested if for no other reason then to get an idea on what it really takes.
http://i70.photobucket.com/albums/i8...dingblocks.jpg
And what I'm building:
http://i70.photobucket.com/albums/i8...ld/Gone-on.jpg