First of all, here is a list of other threads on airbrushing - it is chock full of info about what you need to know. The great thing about forums and threads, the info lives on! Here are some I quickly found:
http://www.librarium-online.com/forums/painting/288882-newbie-needs-help-airbrushes.html
http://www.librarium-online.com/forums/painting/282729-airbrush-advice.html
http://www.librarium-online.com/forums/painting/277945-thinning-down-paints-airbrush.html
http://www.librarium-online.com/forums/painting/276010-what-air-brush-help-please.html
http://www.librarium-online.com/forums/painting/230586-looking-airbrush.html
These cover paints, airbrushes, compressors, etc. However, in answer to your question, I think the IWATA gravity feed brush great for tiny shaded details. it would not be for larger areas or base coats. Also, the compressor must have a tank - do not even waste your time on a tankless compressor. The release valves (when you are not blowing air through your brush, it has to escape through the valve) will blow out, if not before the diaphram blows out. A tankless compressor for an airbrush really has no or very little use outside of airbrushing. There are more versatile compressors out there.
If you want to start on the cheap, go to a discount tool store (I am not sure where you are, but in the US we have places like Harbor Freight, Tool Traders, etc.) and buy a single action airbrush set for about $15, then buy the smallest tank compressor, probably a 1 to 1.5 gallon for about $50. You can also get the quick-connect fittings for the hose to the compressor. Believe it or not, you will use the heck out of both of these. You could also throw in an inline moisture trap, but you can wait to see if you even need one, as some compressors discharge almost no noticeable moisture. Also, the compressor can be used to air up your tires, run a nail gun, blow out your garage, all kinds of uses outside of running your airbrush. Just make sure the compressor has a pressure adjustment valve to set the pressure to about 20-25 psi for your airbrush. Although the psi on the compressor will pressurize the tank up to 125 psi or so, the regulator will only let air out at what you set it for. Also, always get in the habit of the same shut down and start up for your compressor:
1. To start - Close drain/purge valve on tank, turn on compressor
2. To stop - Let air out of tank until pressure is no more than 40 psi, open the purge/drain valve to blow out the last bit of air and the accumulated moisture. This will keep your tank from rusting out.
Hopefully, all of this gets you going in the right direction!