If you plan on sitting for more than an hour at a time doing paint work, those small compressors wont cut it. they burn out very fast, as i quickly learned. Its best to use one of the larger compressors with a tank. the smallest id go would be like the one Drache posted above. The larger the tank the less they have to actually run, and the motor will last WAY longer than those little compressors. I have a porter and cable compressor with an 8 gallon tank. Something like this:
Air Compressors & Tools | Air Compressors & Dryers | Porter Cable 3.5-Gal. 135 PSI Pancake Compressor - PCFP02003 | 602298 - GlobalIndustrial.com
As far as airbrushes, I use an iwata eclipse and have had zero issues with it. Its the gravity feed version with the larger cup. The siphon versions, in my opinion/experience, are annoying and harder to maintain. I had a badger 150 that was a siphon feed and although the airbrush itself was good and never really gave me problems, the siphon feed was just very hard to keep clean and i had to buy bottles and siphon caps for them because eventually they just get cruddy and need replacing. I find the gravity feed versions much easier to maintain and you dont need buy bottle with special caps etc.
here is what i use:
ECL4500 HP-CS GRAVITY FEED ECLIPSE IWATA AIRBRUSH