Will a gravity fed paint spray gun give a good enough finish on alloy or better to go compresed air spray gun?
I would like to paint an alloy metal and want a spray gun proffesional looking finish and i am wondering if the gravity fed spray paint guns will give a good finish or should I go with the compressed air route which is a more expensive set up? also i see games workshop do a spray gun that is attached to a compressed air hand-held canister, would this work ok?

Yeah, gravity a gravity fed gun especially an HVLP gun, will do a good job with spraying an alloy part.
It all depends on the paint quality and the skill of the painter, make sure you do even strokes from a far distance, and you might need 2-3 coats.. keep each paint coat light and it should come out pretty well. If not, scrub it down and try again.
HVLP guns are what is used at a body shop, just a quick tip, figure out which adjustments and settings will work best on a scrap piece first, otherwise you should be good to go.
You can do it with A, B, or C if you know how to spray. If you don’t know how to spray, the forget it. Use a roller and a brush. Every trade has a technique.
From your description above the first is suction feed and the second is a pressure pot.
If it is only a wheel or a manifold, I would go with a spray bomb(which is same as pressure pot.
Technique, technique, technique.
gravity guns still use compressed air and they work great. I prefer to use the gravity guns as they are easier to keep clean.
Gravity fed paint spray guns still use compressed air. The only difference is that the cup that holds the paint is above the gun instead of below, like a siphon feed gun. If it’s a spray gun, it still needs air pressure.