That Craftsman compressor seems to be rated at 6.8 cfm @ 40 psi. With a 33 gallon tank @ 165psi you can probably run a high-volume sprayer for a while, but you might have to stop frequently to let the tank rebuild because the compressor won't be able to supply air as fast as the gun consumes it. I'm not sure how much of an issue this would be in practice because I've never actually used one, just something to consider. For a job as large as painting your house or a fence, it might make a difference.