Well folks, I threw out the line hoping that someone would bite on doing the math.
Frankly, I would be very hesitant to display my calculations because I just know that someone out there would simply look at the end result without working through their unique situation. Could be dangerous given the wide range of variables.
For what its worth, my approach is as follows;
Determine the average distance from the spray nozzle to the fan motor.
Set the compressor to the minimum pressure you would use. Fill the spray cup with a measured amount of solvent (the usual amount you normally fill), then first, with maximum liquid spray measure the amount of time your to empty the spray cup. Next, refill the cup and position a target at the average distance mentioned above and spray a pattern (it will be circular) without moving the nozzle.
Do it all again with the maximum pressure you would use.
From the distance and the circular pattern you can determine the volume of the cone for both air pressures.
Consider the worst possible scenario, assume that the entire contents of the cup are held in the cone, and determine the amount of solvent in the volume at both pressures.
If the result falls below the LEL of the solvent you might begin to relax.
Bear in mind that with the fan in operation, the air volume is moving past the motor at a rate determined by the CFM of the fan and static pressure of the system. Clearly this reduces the solvent density in the booth.
Keep in mind too, as others have indicated, the need for filters to keep paint buildup from the fan blades and motor, and the use of appropriate face masks.
These calculations are simple and straight forward and should indicate what the margin of safety is for any given set up.