Thats a pretty small compressor. Air tools are pretty much out unless you like to constantly wait for it to pump up. You need to take a look at the ratings on the unit. It will say how many cfm (cubic feet per minute) at 90 psi. There should also be a cfm rating at 40 psi. Then when you take a look at tools or spray guns or blasters, you'll know what will work. Blasters take alot of CFM just like air tools. CFM is the rating your looking for.
As for painting, and older style siphon type spray gun should work. A true HVLP (high volume low pressure) gun needs just that. High volume which is your cfm rating.