I used a Testors Mini-blue for many years. To be honest, it "did the job" in the sense that it was more than good enough to apply basecoats, and some effects, such as general dusting, etc. Most of this is somewhat irrelevant to airplane modeling, except the basecoating. It can be used for just general work, and you can do fine camo with it as well, provided you use masks. However, it really will not compare to a good two-piston (as I've recently discovered) design with a regulator and moisture trap.
I suggest you at least try it, it should be more than good enough to learn and practice a bit, before you make the plunge on a more expensive hobby compressor.