Thanks greatly for the feedback. I actually dug around a little more yesterday and got some ideas - I also noticed the wire bait forum just after I bothered you crankers!
As for powder paint - well, I guess I just don't fully understand it yet. It seems easier to paint around wires, hooks, and fiber weed guards than trying to heat this stuff up and roll it around in powder, getting it all over the stuff I don't want it on. But, as a rookie, maybe I can be convinced differently.
So, the Paasche and compressor are probably the way to go, but how is that particular model? I see a lot of posts on Paasche air brushes, but I'm yet to see one on that particular model. Of course I haven't dug long enough either. Thanks again fellas.