from personal experience, an oilless pancake compressor is possible to use, but an extreme hassle. they are oil less, meaning noisy and not as durable as splash lube pump compressors. they run... A LOT, meaning heat and moisture build up, 2 enemies of any paint job. the pressure drops....QUICK, meaning only smal areas can be painted at a time, metallics came out lookin like crap( they really like even air pressure).
yes, i used one when i started. it was such a pleasure when i got a 60 gallon,5 hp, 13
cfm@40 psi compressor. coupled with a good moisture trap, i no longer had to fight moisture and heat and could jam out a set of tins all at one time.
you may want to figure out how much you re willing to spend and surf yer local craigslist.