Hi, and welcome back to the hobby! Answers to this post will be varied and based largely on personal preference and product availability where a person lives.
The easiest one for me to answer is go oil less. You're looking for a smaller compressor if you're only airbrushing, and there are a plethora of models to chose from that will do the trick. Piston or diaphragm. Well, depends on whether you want a tank or not. There are benefits to both. I have 2 compressors, 1 is a diaphragm model from harbor freight.
http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=93657
Works like a charm, but you do get a bit of surge in pressure when the motor kicks in, then it levels out through your spray. Once you get used to it, it works well, and is very quiet.
I also have a Campbell-hausfeld which I got at Wally world!
http://www.walmart.com/ip/Campbell-Hausfeld-2-Gallon-Air-Compressor/9189092
It's a bit louder, but still reasonable noise level, and handles airbrushing perfectly. No surge, and once the tank is full, I can spray quite a while @ 18-21 psi before it kicks back on.
Make sure, being in Florida, you get a good moisture trap. As for the Iwata, they make excellent brushes, not my cup of tea, but that's a debate for another thread!
Oh, hose length. I use a 10' braided line on my airbrush, and with the smaller diaphragm, that's about all I'd go. With the larger piston compressors, you can get further away with a standard air tool hose and a connector to your airbrush hose. It is more than powerful enough to push air that distance (50 feet +)
Good luck!
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."