It's perfectly fine to use an airless sprayer to paint your new house. This is how pro's do it. The biggest mistake you can make is not using a good acrylic wallboard primer before painting. Go to your local paint store and ask about their primers. Not using a primer first could cause the blisters mentioned.
The Wagner 117 is a bit small for this job but should still work well for you. If you have any tool rental outlets near by check them out first. They might have a better sprayer for rent.