You could use a pancake style compressor to apply, the smaller compressor will have a hard time keeping up with the pressurized air demand.
The mfr recommends 40 to 60 psi for the sound control and 50 to 70 psi for ceramic insulation, it might take a little time to apply but given the mfgrs recomemded time between coats should work.
As for a gun you need to be careful, this stuff is thick, thinning it out will adversely affect cure/drying time, and perrformance of the product. Much like bed liner material a cheap spray gun isnt the key, a gun specifically designed to spray thicker materials is required for best results.
Lizard skins prices vary depending on where you buy it, from $90 a bucket to $160.
Look up a product named Hy-Tech thermal solutions, a lot like lizard skins but only $39 a bucket, mixs up a little thicker but users say its just as good at a lot less price. Hy-Tech was designed for the Aerospace industry so it has the light weight finished product in mind.
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