Help picking an air compressor?

I want the cheapest one I can find but i want it to be able run any kind of air tools (spray gun, impact and ratchet wrench, grinder, etc). I know there are way cheap 3 gal, 1 hp, 2.4cfm compressors for $100 but will this be enough power to runb tools.
Ive heard that you need 5 cfm to run air tools. Is this true?
I found this craftsman one that comes with tool already too. Will this be enough.

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Air Ratchet Wrench is a post from: Cast Iron Kitchen Sinks