The average home air compressor is designed to draw no more than a household 110-volt circuit can provide, about twenty amps. Therefore, the power is limited to about one horsepower. If you use a siphon-feed paint gun, this is just barely adequate for painting bicycle frames. You may have to wait now and then for the air pressure to recharge. If you use a pressure feed gun, you'll find yourself out of control most of the time.
Bicycle frame are hard to paint because of all the intersections.
When I used to paint bikes, I inserted a junk seat post in to the frame to hand-hold it. For each coat, I would shot all the way around each intersection with short, quick strokes. Then I would shoot all the way around the length of each tube. Other painters will hang the bike, often with a wire through the headtube, or through the seatpost binder bolt hole. Make sure your lighting is good.