Bjohn,
The paint that TSC sells in manufactured by Valspar, a long time marine and specialty company. The paint is absolutely the best I have found for the price. If you use the hardener with the primer (and the paint of course) you should be very impressed.
As with any paint refinishing project, the preparation will make or break the final outcome. The more time spent getting the metal straight and clean the better your top coat will be.
I use 1/2 pint of hardener to 1 quart of primer with no reducer (Naptha) and paint @ 55 degrees or higher. I let the primer cure for 48 hours and scuff lightly (maroon Scotchbrite) and top coat with the color.
I have used everything out there, PPG, Dupont, Sikkens, Glasruit, etc. and for the price difference there is nothing it's equal. As a test, I cleaned up a Yanmar tiller, primed with the catalyzed red oxide and immediately applied the top coat....no sanding in between. I waited a few days for all to cure and pressure washed, and I mean a big 6 HP Honda pressure washer and I could not get the paint to loosen or come off. Even the overspray underneath by the tiller tines would barely come off.
I don't see why your Wagner power painter wouldn't work...just make sure you clean up immediately with Naptha or you will be tossing your equipment in the trash. A good respirator and adequate ventilation is a MUST.
Good luck, Mark