If you're using aerosol cans then just hanging the guitar from a wire should be fine. I've done plenty of solid body guitars this way. Have a try on YouTube for guitar refinishing tips (try Texas Toast Guitars as a starting point) - there must be loads of vids on there. I've never worried about using a spray cabinet for something this small; better just to try to do it in a dust-free space, or even outdoors. Any tiny imperfections will polish out easily. Preparation is the key though - no mater how good your painting skills, poor prep will show through!
Good luck with it - sounds like a very worthy project. Can you share a few pics of the painting once you get into it please? We'd love to see it