Something else to consider with that small compressor would be finding a used tank (bigger the better) to charge up a day or so before. Once that little compressor starts running while painting it's going to heat up and not keep up. If you have lots of air stored before you start it will help a lot, even with small jobs.
How hard would it be to run some 220? Honestly you'll be a lot happier in the end, spend once and spend smart.