Advice wanted on compressors for someone who has never used an airbrush

Hello,

I'm starting to build models (mostly WWII aircraft and armor) and I have a question about compressors.  I already own a air compressor that I use for air tools that has an air regulator.  Is it possible to put a water trap on it and then use a coupler to downsize the hose?  I am thinking that I could leave the compressor in the garage, set the regulator for a low pressure, run the hose into my work area, put another regulator for fine control, and couple it to a smaller hose for the airbrush.  Am I crazy or is that workable?