Hello to a fellow Twin City-ian. I'll answer your second question with another question: How bad do you want an airbrush? It's only a good value if you decide to use it.
The compressor sets are good to start out with but IMHO it's best to buy the airbrush and compressor separate.
For 1/72 aircraft, Handbrushing can turn out some nice looking models.But with the airbrush you can make soft camo lines that a paint brush won't give you.
As for 1/48, handbrushing really doesn't work. To turn out a nice model you need an airbrush. And the airbrush will make it alot quicker.
As for compressors, The hobby ones are Okay, but only for airbrushing. I found that a Campbell Hausfeld or a Craftsman are better. A medium sized one with a tank is going to be that about same price as a hobby compressor. And you'll have more useage. (Tires, air mattresses, etc) And the hobby ones are just as LOUD as the real ones.
And since sounds like you're from the TC or close. I'll put in a shameless plug for our local model club. www.aerohistorians.org
We meet next Saturday if you are interested. 1:30PM at Fleming Field in South St. Paul.
Take it easy,
Bernie the K.
St. Paul, MN