I know many people who use tankless compressors and produce brilliant results... so it is definitely possible...
I've heard a few people with diaphragm compressors complain about the pulsating though, usually the piston type don't have that or at least not as much... if it really bothers you, you probably can pick up a compressed air tank and save the money of getting another compressor. Run the compressor to the separate tank, then put the regulator on the tank side, hooking the airbrush hose to the regulator... this will eliminate the pulsating. And the compressor will kick on to fill the tank when needed.
I know here in the states you can get them at WalMart and hardware stores. I think most people just use them for filling tires and whatnot... They're about $20 here give or take...
here's a link to a picture so you can see what I am talking about, they vary in shape and size...
http://aircompressorsdirect.com/catalog/product_info.php?cPath=5_54_110&products_id=401