The Iwata HPCS is an excellent brush and I use it for 70% of my work. Cant say anything about the quality and longevity of the compressor or the quality of the paint in that kit however. good price but if you price out the same brush, a California Air Tools compressor, sprayout pot and a selection of quality paint like Wicked you will be in the same range and have a compressor and paint that is of high quality.
As far as cheap blanks go, Cedar Run Outdoors has some good ones, and excellent service