You're really not going to get much compressor if you limit yourself to 120volt.
You have 240 into your home, all homes have 2 120 lines in, which is where your 240 comes from. It's easy enough to run a dedicated circuit wherever you need/want.
I've been using an Oil-less Craftsman for 10 years straight at work, and I hate it as much now as when new (the boss bought it), they're noisy as all and only perform mediocre at best. Still runs great though.
At home i have a 25 year old belt driven compressor (much easier on the ears) that I bought after much comparing of many models. It's only 3hp with a 30gal tank, but puts out like 12cfm at 40psi, which meant it put out enough volume to operate my DeVilbiss full size spray gun, and about 8cfm at 90.
When it comes to tools, there isn't a whole lot that requires more air volume than a paint gun. Highly likely it's the only one that will really tax your compressor, because everything thing else will more than likely be used in, or can be done in short bursts, then let it catch up. If you paint something large you have to be able to keep moving, meaning you WILL run it down.
Just some food for thought.
