Well, I bit the bullet and finally got a decent compressor today. This is what I've been using off and on for the past 8 years or so:
It's called an "Auto Mist 2000" and was released by a now defunct hobby company in Rockwall, Texas. I got it off eBay for $30 or so back in 2003. I added in a regulator and used an in-line moisture trap (with my Iwata anyways) and it did a fine job... mostly. It was starting to die a slow and painful death, resulting in the premature demise of my beloved 1/72 Tamiya Bf-109E4/E7 Trop.
So now, I have this little gem, courtesy of the fine folks at Blick Art Supplies (just found out we had one about 2 miles away):
Iwata Sprint Jet. Plugged it in, quiet as I needed, and it came with airbrush fittings for Badger, Aztec and Paasche airbrushes that fit on the airbrush, so I don't need to change out hoses for my three brushes (one each Iwata, Badger and Paasche). The built in moisture trap is nice, and the regulator knob at the base works flawlessly. And it's SMALL. Haven't painted with it yet, but will be shooting some stuff with it later on today. Anyways, just had to share. Yay for me.