Check out threads on car forums. They usually have relatively low-buck but effective set ups for painting a car. Let me find the one I liked alot...
http://www.honda-tech.com/zerothread...87138#20387138
Totally insane project with a very meticulous level headed engineer type guy. First post has an index, believe it or not.
Quick summary:
- plastic sheet walls
- cardboard box "ducts"
- air conditioning filters for ducts
- wet down prior to painting
He calls it his $25 paint booth.
Just don't use the cyanide based automotive paint without a full respirator. The other stuff I don't know, but it's not worth dying in a few years to paint your bike for a few bucks less.
cdr