Actually, that compressor would work straight out of the box, except for a water trap that might not be absolutely necessary depending on your location. In any case, water traps are pretty cheap- maybe ten to twenty bucks.
Noise would be a problem if you have it in your workshop.
For many years I used a large general purpose compressor. I kept it in the garage, so the noise didn't bother me. I owned my home, and my basement workshop was close to my garage in planform, so I ran plumbing pipe from compressor to workshop. I connected the compressor hose to the piping by a quick disconnect so I could use it for other purposes easily.
I mounted a dryer and regulator in my workshop so I could adjust airbrushing pressure without continually running upstairs to the garage. I eventually tired of having to run upstairs to turn the compressor on, so ended up with a quiet airbrush compressor in my shop, but used the previous arrangement for well over a decade.