Yeah, I would say you have the perfect opportunity to learn right there. You definitely won't spend $1300 on the materials, even if you have to do it over a couple times, so now would be a good time to do some work yourself, learn a new skill, and put some money in your pocket all at the same time. What exactly needs to be repainted on the vic?
I have 2 guns, one that I bought from MAC and spent about $250 on, and one that I bought at home depot and spent about $80 for. I currently use the home depot gun just as a primer gun, but I have painted with it before, and it does a decent job, I just wouldn't want to spray more than a couple panels at a time with it. If you really want a nice gun, go spend $800 on a SATA gun. Those lay down a really nice finish! Unless you are doing this for a living though, its hard to justify that much of a cash outlay. For starters, just to learn the basics and for your first couple small jobs, a cheaper gun will be fine. What you want to make sure of is that it is gravity feed, and is an HVLP gun. You will also need a pressure regulator at the base of the gun. The ones with a gauge on them are more expensive, but with time and practice, you can adjust the pressure based on the sound and feel, and the way the paint lays out. For starting out, you might want to spend the extra on the regulator with the pressure gauge though.
The other thing with painting, is don't cheap out on the paint itself. The more expensive paint will be much more forgiving in terms of how it lays out when sprayed. I usually use PPG Deltron, which costs about $60-100/pint. If you cheap out and get the $20/pint paint, you may end up more than making up for that cost in extra time spent on the job, and I find the possible hassle and aggrivation isn't worth the small amount you save. This is especially true if you are painting in a garage, or outside, or somewhere other than a dedicated spray booth. Certain chemicals in the air might cause the cheap paint to fisheye, whereas the more expensive paint will be more forgiving.
Oh, and speed demon, those actually aren't the 35th anny wheels, they are regular SC wheels that I repainted. They came off an SC that my buddy and I bought and parted out, and while I had them off, I scuffed them up with a red scotch brite pad, sprayed them with some 99cent rattle can flat black from home depot, and then sprayed a hardened urethane clearcoat over top of that. Since I already had the clearcoat from a previous job, all it cost me was the roll of masking tape ($3), 2 cans of spray paint ($2), and a scotch brite pad ($3) for a total of $8 that I have into those wheels! Plus I sold the 10-spokes with flaking chrome for $100, so I couldn't be happier with those wheels. I have thought about painting the center caps black, but I'm undecided on whether I would like it or not. I think I'll wait until another SC pops up in the junkyard and I'll grab the centercaps off of that and shave the bird out of them and paint them black, maybe even put the lincoln star on them, and see how I like that look. If I decide I don't like it though, I want to still have the ones with the polished look to go back to.