mate,
if the SA LHS's are anything like the QLD ones, it's worth looking at a Sparmax compressor - everybody seems to stock them. They come in two colours, Gold and Silver, i think the silver has a higher PSI output. I've got the gold one and it works a treat.
Very quiet and with built in moisture trap and regulator. I doesn't have a reservoir tank (ie to hold already compressed air), but that doesn't seem to bother me. I've seen some with reservoir for similar price (i think they're about $180), but they were just too noisy, so i choose the Sparmax instead.
I've got the Paasche H box set, now wishing I had forked out for the V instead.
As for ventilation, i have a proper painter's dual cartridge mask, they're about $25 from Mitre 10 or Bunnings. I also paint in the garage with doors open and fans going, to expel all the vapours.
As for paints, i use either gunze acrylics or tamiya acrylics and just use their own brand of thinner. I just use a flat light grey as a primer.
hope it helps.
cml