Yes, it will work. Several people around here are doing just that. You will need to adapt the hose to a standard 1/4" NPT fitting so you can add regulator. I'd also recommend adding a moisture seperator. The pressure will be constant until the pressure in the tank drops below the set point on your regulator, and that is going to depend on the supply perssure that your gas station provides.
An alternative is to use a CO2 tank. These can usually be leased from the companies that service soft drink machines. The tanks are under such high pressure that even the most industrious modelers only have to refill them once or twice a year. CO2 is perfectly dry so no moisture separator is necessary, and the only sound is the hiss of excaping gas.