I have an 8 gallon compressor (3 cfm @ 40psi) and a small dresser to paint. Will this suffice or should I go with an airless sprayer? Thanks!
Airless is neat technology, you can get pressure pots that allow you to power an airless spray gun from compressed air.
For a single small project spray cans are cheapest if you want airless.
If you're not worried about paint drifting just use a regular high pressure spray gun.
Paint spraying doesn't need a high volume compressor, the one you have should be fine. The requirements will be written on the box of the spray gun.
My experience with airless is that you loose a lot of paint filling the hose between the pump and the gun, which is not a big deal on a large job. I have not tried those self-contained hand-held airless sprayers, but I imagine that they are a lot slower than a pump-based system, not that you need speed on a small job.