Compressor, with or without tank?

Since I have problems with the "Canned Air" loosing in power when the actual liquid gas cools of while preassure leaves the can (solutions to that anyone) I'm finally considering a compressor.

I have found a really neet little thingy at the local hardware store, it gives away 65l / min at 3,5 bar and cost is only $ 100.
The downside is that it does not contain a tank and no preassure control valve.
Now, do I need a tank?
Can I add the preassure controle valve/gauge beween the compressor and the brush.

Appreciate your help on this one, only just picked up this hobby again and money is currently running out in all directions since basically everything needed to be renewed ( had to throw away my whole battery of Tamiya acrylics, they dont stand temeratures bellow 0 C' very well...) and I really would like to spend the money on the new Dragon Tiger instead of an expencive compressor

BTW, I very much enjoy the way Internet and this forum in particular is adding value to the hobby, when I now return after 10 years out there