I've heard of the hairspray method as well. My understanding is that with grip tape you're just looking for a reagent to 'slime up' the tape, and keep it slick long enough to slide the grip on and align it.

But let me warn you: Once you use the compressor method, you'll never go back to anything else. Everything becomes a breeze - taking grips off, putting grips on, aligning them, whatever.