Oil lubricated compressors do run the risk of allowing the oil to get into the airflow. There are oil/moisture filters available to eliminate, or at least reduce that issue. The oil-less ones don't have that risk, but can be easily misused by running too long and burning out the motor which is why it is always preferable to have a tank. This allows the motor to cool down. Light duty use, such as hobby airbrushing, shouldn't be an issue.
There are no real difference between oil and oil-less compressors in noise levels.
Since you are planning to fill your existing tank, buy the biggest and baddest compressor you can afford, as long as you have the space to keep it. I use my compressor for refilling bike tires and the occasional use for powering a brad nailer and wish I had gone for both a bigger tank and a more powerful compressor. A mistake I plan on rectifying soon!