A relatively small compressor will work fine for spraying. HVLP guns don't use a lot of air, and I assume you are painting motorcycles and not big projects like cars.
Blasting uses massive amounts of air. It's a whole new level of power needed in a compressor. Air tools also use more air than a small compressor will produce.
I have three compressors.
First, (don't laugh,) I have one of those $10 12 V mini-compressors that I use for tire inflation. I have a battery attached to it. It is the handiest thing for tire inflation. I can easily carry it where needed, even to the curb outside. Much less trouble than dragging out the bigger portable air compressor, or stringing out the hoses.
Second, I have a 1/2 HP oilless compressor with a 22 gallon tank. It's rated for 5.5 cfm @ 90 psi. It's perfect for when I am mounting tires, using an air tool briefly, an impact wrench, blowing out carbs, or spray painting.
Lastly, I have a 3-phase, 7 horsepower stationary compressor with 100 gallon tank. When I am using the big blast cabinet, I utilize about 75% of its capacity. It's also what I fire up to run any air tools continuously.
I also have a small bench top type bead blaster. It is frustrating to use it with the 1/2 HP compressor. You spend more time waiting for the compressor to catch up than you do blasting, although it's OK for a single small part.