I have a harbor freight gun. Don't use their powders though. Have tried eastwood, caswell and Columbia coatings powder. I've decided to use Columbia's powder for most of my work. Good quality stuff, like the containers they use and they have great customer service.
I have a 5 HP compressor but it's mainly to use for sand blasting. Powder coating requires only a minimal amount of air pressure so any compressor will do.
I picked up a used home oven off craigslist for $40. Wired it in to my garage and it works flawlessly.
The prep of the part is the most important step. Do you have a sand blaster? I would recommend it. By blasting the parts you get a good surface for the powder coat to adhere to.
Make sure you remove all the dirt/grease before blasting. Also before powder coating preheat the pieces to around 450. This will bring any contaminants to the surface. Then blast\clean the part again. If you don't the contaminate can out gas when you heat the powder coated part and it will cause pitting/uneven surfaces or worse.
The steps then would be...
1 Degrease
2 Blast (I use coal slag)
3 Blow off with air
4 Rinse with Denatured Alcohol
5 Preheat
Repeat steps 1-5 until part is absolutely clean
6 Powdercoat
You'll have to experiment with your oven temps and your process. But I preheat the oven to 450 while I coat my part. I pop it in the oven till the surface turns into a liquid and flows out evenly. I also measure the part temp with and IR temp gun. If the part is near the cure temp (usually 380) then I turn the oven down to 380 for the cure period.
I hope that helps, any questions just ask here or e-mail me at mcuozzo@gmail.com
Here's my gallery with some samples...
http://gallery.sohc4.net/main.php?g2_itemId=306724