infofrog - nice one!
I have also built my first compressor this way - 20 years ago I couldn't afford any real compressor - and it still works for me to this day! I've actually built like three more since (for my pops and so on), and I say it's probably the best value for money! Very quiet too - if you take it outside, the wind is louder that that compressor - just as loud as a working refrigerator!
Here's the link to one of my babies:
http://cs.finescale.com/fsm/tools_techniques_and_reference_materials/f/18/p/151920/1628509.aspx
Good luck with your builds and have a nice day
Paweł