If OSHA asks its an emergency eyewash station. Otherwise its a nice setup for waterborne coatings if you ask me.
When spraying non flammable material if it gets too cold to let much air out of the shop I setup a bunch of box fans and cover them with furnace filters to catch the overspray and simply re circulate air within my shop. I ventilate some air with a smaller exhaust fan. This works reasonably well and I move parts into another room quickly so I don't get dry spray. This is still a PITA though because it still makes a mess. Otherwise I setup a knockdown spray booth in my overhead door.
I have been using bulk economy furnace filter material that comes on a roll so I can cut to size. I get it from mcaster carr.
Technically for waterborne paints and coatings your supposed to use a proper spray booth. The main concern most inspectors have is that somebody will come along and unknowingly spray something flammable. Others are afraid dust from over spray could create fire hazards. Being in a wood shop I create more flammable dust by other means.
This is the sort of thing that usually comes down to your local code jurisdictions, and environmental regs. I asked a member of my local fire department and they said not to worry.
Spraying any flammable liquid without a properly engineered spray booth is quite dangerous. I would stick to water based paints, and finishes.
Rattle cans are probably ok, but be careful. (For liability reasons don't do it)
Michael Schwartz - Waitsfield VT
Shopbot prs standard 48x96. Aspire. SB Link.