A moisture trap and regulator is almost a must-have...the Craftsman compressor comes with a regulator, though you may not have as fine of control as you'd wish. Looks like the compressor with the Paasche kit has one, too. You'll have to add a moisture trap.
I bought that very Craftsman compressor off e-Bay from a "salvage" trader. What happened is that the compressor was missing an item (plastic cover over gage) that wasn't critical to operation. Someone returned it, then Sears sold the items off for fractions of their original retail price. Traders buy this stuff up, test it, then resell. I bought it for $48 or so; the dealer happened to be here in my city (Cincinnati) so I picked it up.
Yes, it's a bit noisy, but it works great. Mine wants to "walk" on my concrete basement floow, so I put a small piece of carpet under it, now it doesn't. My autistic son thought it was hilarious when the compressor would walk into my desk.
On Bench: AM P-51B, Tamiya 1/48 F4U-1A
On Deck: Hasegawa F-14's (too many); Tamiya P-47D; Academy P-47N;