Newbie: Using my current compressor

Most large hardware stores carry 1/4 to 1/8 adapters, and they are inexpensive.  Many regulators have a dryer included. I don't think there is a lot of difference in performance from brand to brand if you have to add a dryer/filter.

A generic, combined filter regulator is the norm for airbrushing, these will usually have 1/8 or 1/4" BSP fittings & the majority of airbrushes are fitted with 1/8" BSP fittings. There are a few exceptions regarding airbrushes, like Badger & Paasche & Aztec who use their own size fittings.

Here is a link to the type of filter / regulator I mentioned;

http://www.chicagoairbrushsupply.com/parre.html