I have this HVLP spray gun: http://www.savourschool.com.au/equipment/spray-gun/spray-gun/product-detail.aspx
I use a 1/8hp iwata smartjet pro that has a stated flow rate of 16LPM. It works. It's not optimal, it's not ideal, I would definitely buy something different if I could afford it, but it gets the job done.
I'm sure that the 1.5hp, 220LPM model you linked to would get the job done as well. If you can, future proof with bigger and better, but if you can't, it'll work.