That will apply far too much oil, and at a great cost.
I use an automotive paint gun, connected to a separate reservoir also sold at Princess Auto. I find the pressurized reservoir helps keep the T40 flowing better. It will work from a regular gun (not a high volume one), but the oil needs to be quite warm.
With the paint gun, you can adjust the spray pattern from a cone shaped mist (great for inside panels to "fog" areas), or a wider spray for quick application over larger areas. You don't need to apply too much though - or it will all just drip off. I can typically do a car with little more than 1L of product. With the price of that stuff, you don't want half of it on the ground!
I've done this for several years with good success. I think there are two sizes of reservoirs at P.A. I have the larger one, and I removed the regulator on it as I found it limited flow too much. I just regulate the pressure to about 45PSI from the compressor (just below the limit on the container), and that seems to work great. I'd stick to the "mist" setting on the gun until you're more familiar with it, or else you'll end up putting on far more than you need to.
I tried another product once (initials R.C.), but found it wouldn't atomize the same way from the gun as the Krown does. It would tend to "sputter" a lot. I've used the T40 for about 10 years now. Keeping it warmer tends to help too - close to freezing temperatures make it a bit thick for spraying at low pressures.
Hope this helps! If you don't have a compressor, I'd try a good spray bottle first. The sprayer you're talking about will be WAY too fast!
John