I use a Graco Ultra (airless cordless handheld machine) with Morrells water based lacquers for all my projects.
It is a bit of a beast in that it throws out a lot of paint very quickly, however with a bit of practice it covers large areas (full sheets) very fast and the finish with the Morrells WBL is fantastic.
Overspray can be a problem in the higher settings but as with all spraying only use enough power to atomise the paint, any more is a waste and will just result in bounce back and a coating of overspray fall out on everything in the vicinity. If you use the right setting overspray is next to nothing.
In my machine I use the smaller of two supplied tips (green 314 FF tip) and don't thin either the primer or top coat material at all, just strain it with a 180micron paint filter straight out of the tin. You wouldn't be able to do this with a HVLP setup, they however can usually spray anything, I am limited to WB materials only, no BIN or OB paints. I don't know the Wagner machine you mentioned but I would check that oil and meths based paints are safe to use in it.
My usual painting procedure if you are interested is;
- use MRMDF, don't bother with "standard" MDF, you'll save yourself hours of work for the little extra cost!
fill any obvious holes, gaps with 2k or 1k filler (not caulk!!)
sand all faces to 240 and edges up to 320
spray Morrells 501 primer, really light quick mist coat first then a heavier one once the first is touch dry (this stops a lot of the fiber raising you get with MDF and WB paints)
drying time varies with temp/humidity but can be as little as 20mins until you can sand
fill any remaining imperfections (the primer makes them more visible so easier to find)
flat back with 240 on faces, 320 on edges. Don't sand through your primer or you'll have to spot prime those areas, be careful with the corners.
two top coats of the Morrells "italian WBL" this can be mixed to any colour and sheen level, I usually go for 30% sheen which is about equivalent to an eggshell.
key between top coats with 320 everywhere.
I do the edges from both sides of the board so they actually end up with two primer and four top coats (two from each side).
top coat material has a similar drying time but more importantly as it a lacquer it can be stacked the next day without the parts sticking together. Acrylics (think Valspar V700 etc) can't be stacked until they are full cured which can take several days if not weeks.
Obviously the usual painting rules apply, clean machine, strain the paint (even brand new unopened tins), vacuum everything including the floor/spraying table before starting and wear the relevant PPE (half face mask with P3 filters and extraction of the room/workshop if possible)
Clean up is done in the kitchen sink with warm water out of the tap and running it through the machine until everything is properly clean.
The best way to learn is just to do it and experiment.
Don't worry if you b*gg*r it up, it's easy to fix, just sand it back and have another go.
If you want any more help just PM me your number and I can give you a call.
Good luck and happy spraying! Once you start you'll never touch a brush again!