Your compressor is large enough to paint mini bikes and motorcycles, and other small projects. It is not large enough to paint cars. Caveat: Use an HVLP gun with a 1.3 to 1.6 tip.
I use an inexpensive DeVilbiss Starting Line detail gun for mini bikes, with a 4.5 gallon compressor. I also have a Husky that came in an airtool set, and worked surprisingly well. Your compressor will run air ratchets, again considering small projects like mini bikes and motorcycles. It will not run a die grinder.
Bigger (more air reserve) is always better, but what you have is fine for the purposes above. (though you will be cycling it on often during a paint job)
Never ask the counter guy about something you can find out from some jackass on the internet who is actually doing the stuff. :wink: