To address the other things you asked in the topic post:
My cab is 3/4" (well... 11/16") plywood and I primed one coat, painted two coats, then polyurethaned once. I don't know the exact grain/compostition of the plywood I used (it was donated to me) but the one coat of primer well hid the grain that was there. I used a roller the whole time, and only ran into problems when I got to the poly (the aforementioned "bubbles.")
In your case, since it appears your cab is already standing (I painted before final assembly) I would think that using a sprayer would be easier overall.
I live in a residential area - they'll hear any kind of compressor
Is that a problem if you're painting during normal waking hours? Would people complain and/or call the cops? If not, I'd say use the sprayer as it will probably give you the most bang for your buck (especially if someone is loaning it to you for free!)

Aha... I see it's your neighbor's sprayer... well in that case, by all means use it - and invite them to play when the cab's complete!