Dale,
I bought that sprayer last summer to spray preservative on my log home. I have only used it in that capacity so far, and am curious as to how well it would spray conventional paint products. It did a fair job for me, but the product I was using it with is considerably thicker that normal paint, and of course it spattered quite a bit. Not a problem since I back brushed all the surfaces, but if you use it with the thick stuff, I would recommend getting an additional orifice, and drilling it out to a larger size.
Best of luck with your project!