A Lot to consider
If you really want a GOOD looking paint job there are a lot of factors to consider. Outside of the actual products and labor involved, first figure out what you want to accomplish. Do you plan to do an accurate restoration? Do you want to ride the bike and use it? Do you want to resell the bike once its done?
If you want the paint job to look correct don't even think about a clear coat. If you want to be able to use the bike, perhaps a clear coat isn't a bad idea, but I personally wouldn't buy a bike that's been repainted and clearcoated. Especially if it looks artificial to me.
Now, on to the actual paint process. You already mentioned that you will have the parts media blasted. Once you are down to bare metal make sure that the metal is prepped. I usually spray a light coat of primer at this point in order to stop any rust from forming. Remember, just because you may not be able to see any rust, doesn't mean that it hasn't already started and will come back later on. Once everything is in primer, I use a light body filler made to go over primer in order to fill in any metal imperfections. Depending on your goal with the bike this isn't necessary. So many of these bikes were far from perfect when they came out of the factory and I don't believe in restoring "better than new".
Once you are happy with the condition of the surface I prime the bike again. I try and use a primer that is colored to match what was originally used. Usually, but not always, this is red oxide. This colored primer match will also help your top coat match well. I wet sand everything after the base coat of primer is dry, but I don't go crazy with it. Again, I'm not trying to out do a factory paint job here.
As far as color goes, I usually use a urethane just because its easier to use than enamel in my opinion. On higher end bikes and restos I will use enamels because that is what was originally used. Enamel has less luster than uethanes but takes longer to dry and doesn't get as hard as a urethane. So again, if you plan to use the bike, and want a high gloss, durable paint job, go with a urethane. If you want an accurate resto, go with enamel.
Most of the paint I use has a cure period of between 15 and 60 days. Once this period is up you can wet sand, buff, polish, wax or do whatever to the paint. I've been doing this for a while and I can get paint to lay down like glass so I don't mess around with wet sanding and buffing once its done, but thats me.
As far as equipment goes. If you're going to buy a gun, buy an automotive touch up gun. I have a DevillBiss gun that sprays as small as a 2" fan. Perfect for tubing. It can also fan out to about 6" if I need it for doing tanks, fenders, chainguards, etc. I also have a bigger gun but rarely use it since it throws out a lot of material and you will end up with a lot of waste and a lot of overspray. You said you had a compressor, but make sure that it is able to keep up with your gun. Remember that you will be spraying pretty much constantly for at least 10 minutes and as long as 30 minutes in some cases. My touch up gun runs between 50 and 55 psi depending on the paint. Most compressors cannot keep up at 50 psi for 10 minutes at a time. Depending on the material you're using, you may not be able to take a break and wait for the compressor to reload.
Last but certainly not least. BUY A RESPIRATOR!!! Buy a good one right away with replaceable filters.
These are just a few aspects of painting that I've picked up over the years. There are a lot of little details and methods that you can only pick up after painting for a while. I would highly suggest honing your skills on other bikes that you don't care about before jumping into the one that you do care about. Anyway, I hope this helps and if you have any other questions please don't hesitate to ask.