Towed,
I tackled my wifes Herald with the 1950's 1.5hp 20 litre sprayer that never kept up with my £20 Clark's spray gun and was pretty pleased with the result, the finish that was achieved was down to going over the entire car with wet and dry flatting back the paint then the final polish with a proper orbital polisher, it brought the surface up like glass, its not perfect as there are eggshell pimples visible however for an outlay of £50 on the equipment and £100 for the paint I was more than happy, dare say with better equipment I wouldn't need the hours following up , but then again the time was free.
I wont get too hung up on make and cost of equipment, if it delivers the results but takes a little longer so be it, like you say budget build, built to my budget..
