yea, a grand is pretty much a standard around here as well. thankfully there is a crap load of these painting guys around nyc. ive been looking for a cheap guy for over 6 months (not a daily hunt of course). finally got a back alley guy. he is one of those that does work at home and rents out a booth but it makes not difference to me as long as its done well.
for 600, im not looking for prefection.

 

I bought my first set of guns from al's automotive for 200 bucks. It came with the regulator, and three guns with different sized needles. If you get a set with different sized needles, use a 1.6 for the primer and base, and then use a 2.0 for the clear. If you only get one, just get a 1.8 needle and it will be fine all around. Just make sure you clean the gun well before each stage if you use one gun. Just look in you local phonebook for auto paint supplies and go check out there prices. Dont buy anything to crazy for such a small job, plus you wont be using it all the time so a cheap will do fine. The main thing to consider, is after materials and equipment you may be better off to pay just that little bit extra (maybe a $100 more) and just have it done proffessionaly with gauranteed quality. Also ask around and see if you can find a painter that does side jobs. That could save you lots.

As for a how to, i just did a quick 30 second search on google and found this one. Didnt really read all the way through it, but it seemed like it was on the right track. http://www.carcraft.com/howto/24820/

Good luck with whatever you decide, and post pics of the finished product. Also just let me know if you have any more questions.
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I got my gun from my last job, binks model 7. About $400 with pot and everything but you dont need anything that $$. I'm still looking for a deal on my last fairing then i'm taking it to my brothers paint booth. Just going with gloss black. black levers..pegs...feet guards..windscreen... ALL BLACK! Im strange..but I think it will look cool

 

I don't think that is a bad price cause there is a lot of work that goes into painting a bike. It has to be sanded, sealed, fill flaws and marks, seal it again, block sand it, primed sanded againand then painted. It is really difficult to get all of each part evenly with no runs so the parts have to be hung in the air. I just did mine but i had help from a body guy and he ended up clear coating it cause i did not feel comfortable even though i'm painted cars parts before.

 

It is a lot of work. Lucky for me I used to work for Delta Marine here in Seattle. Top 3 in the world for building custom yatchs. I was on the painting crew. I'm painting my bike with the marine paint, jet black. Its far more durable and fade resistant, heat...cold...just weather in general then automotive paint. But even jet black, would cost the same as a custom candy pearl color. I get at cost though.