Sonny,
First of all, welcome aboard! Now, abandon all hope ye who enter!
Seriously, you will get many different pieces of advice on which airbrush to use, what kind of compressor, moisture trap, etc. All are good advice from the perspective of the owner of a particular piece of equipment.
I think the second storage tank is a bit overkill for airbrushing. I use a campbell hausefeld compressor with a 2 gallon tank. I have a simple oil/water separator from harbor freight right when the air leaves the compressor's regulator. This I generally leave wide open. Then I have a second moisture trap with regulator attached to my painting desk, and using a quick disconnect, plug my airbrush into this.
http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=43242
As for your airbrush, that's personal preference. I did not like paasche, and switched to badger. I have a friend who swears by aztec, and though I think they are crap, he continues to get great (often better than mine!) results from it! I have both single and double action brushes, and use both for different applications. Although if you only plan to get one, I'd take the time to get a good double action model, and really learn how to use it.
Tamiya acrylics are great! Thin easily with alcahol or their own thinner, and clean up easily as well.
Onle last thing, even with 'non-toxic' acrylic paints, good ventilation is a must! If you don't have a spray booth, work in a well ventilated room with a fan, and wear a respirator mask (also available for a reasonable price at harbor freight)!
Good luck, and ask as many questions as you can think of! I have learned more on this forum than I could ever put to use!
Chris
A veteran is someone who, at one point in their life, wrote a blank check made payable to "The United States of America," for an amount of "up to and including my life."