I don't profess to be a paint expert, but....
The Spray Gun you have pictured, or something similar will no doubt be
fine for spraying bikes, wagons, applying thinned stains, but not really
designed for spraying paints such as interior, or exterior House Paints
"ala Wagner".

Your compressor will be fine for the task with this Gun provided you
have a regulator to reduce line pressur to 40psi. (You probably do)
Another important acessory your going to need, will be a water separator
in the line.
Mark