Not trying to steer you away from the Iwata if that is the one you want, but have you looked into the Air Star V by Thayer & Chandler?
I believe it is almost the same compressor, in fact they may be the same inside as they are not made by either company and are produced overseas for them.
The Air Star V you can get from Badger factory refurbished for $99 if they still have them in their Gargage Sale section of the website.
They have auto-shutoff, a built-in regulator and are very quiet.
http://www.badger-airbrush.com/garagesale.htm
Mike
“Wisdom is the right use of knowledge. To know is not
to be wise. Many men know a great deal, and are all the greater fools
for it. There is no fool so great a fool as a knowing fool. But to know
how to use knowledge is to have wisdom. " Charles Spurgeon