I did it with a cheap spray gun. Mixed it 50/50 w/ mineral spirits. boy does it lay THIN, anything close to wet and it runs, but the runs aren't hard to sand out.
I figured it was my first time painting anything, so I didn't wanna mess up with $600 worth of paint. I actually spent $100 on sandpaper, and $36 on paint (26 for a gallon of paint, 10 for reducer) and actually since I knew I would be painting more in the future, I spent $45 on some nice sanding blocks.
If you plan on striping your car down to bare metal when you want a show paint (who would lay show paint over cheap or old paint at all?) and you just want something to look good now, go for it. I tell ya, without wet sanding mine, it looks like a orange peeled single stage paint job that most people get from the shops around here. The trick is to sand it all the way up too 1500 or 2000 to knock it all down smooth, and buff it out (which I am in the process of doing right now)