perfect except not just any paint will work....don't use water based paint,(it will "work" but not great and some wont work at all) get a good oil based paint....like morf said a good car paint will work perfect.....and is most often the best kind of paint that lasts the longest and will hold up to fading.
and dont chimp out on the sanding 
Ink,
Are you aware they use water based paints on cars these days! Not on every car or every color but that was one of the reasons they moved to a base clear system you see on most cars today.
I do agree your basic latex pain likely wouldn't be a good idea but I did say it depends on how you want the finish to look. For all I know he could want a post,reno look with paint drips,duct tape and frayed wires...

If you use automotive paint you will need a reducer and a hardener plus a color and a clear. You could just use a couple of spray cans but if you think you can do it with 1 can then you better buy 4 or 5! You`ll need to do many coats to get a finish even close to the finish from an airbrush.
You can pick up airbrushes fairly cheap,just need to know where to look,try a surplus store that carries tools. I found one recently with 2 guns and it was 29 bucks,ya cheap guns but they work for me and what I need.
You don't even need a compressor either,you can get compressed air in a can at the hobby shop to `power` the airbrush but I use a small compressor.
Really you could brush on the paint and get a nice finish but it would require you to polish the paint to a smooth finish,Henry Ford painted all the model T`s with a brush!
Bizman brings up a good point also,often overlooked,where you do the work!
I`d never thought of using `damp` sheets to keep the dust down but I think it`s a brilliant idea!!! I have a gazebo that I work in in the summer,might have to borrow a few sheets.......
