It "Might" work (emphasis on "Might"). You'll never convince me that it will put out 250 psi like it claims. I have very, very limited experience with those. Friend of mine once had one and needed to use it to inflate a flat tire. After 45 minutes it was only half flat. The one he had (and this was many years ago and a different brand) have virtually no air volume.
The other problem is that 1) You will need to find an adapter to go from the tire valve coupling to an airbrush. There should be one available but I'm not sure where. and 2) It runs off of 12 volts so you would have to have a 12 volt adapter to run it off a house receptacle or a 12 volt battery.
My advice would be to save a bit more and get something more useful. Something you can plug into the wall and easily connect to your airbrush. Assuming these stores are in Canada, places like Sears, Lowes, Home Depot, etc. have decent compressors for less than $100. Badger also has some remanufactured compressors on their "Garage Sale" page at http://www.badgerairbrush.com/garagesale.htm for $99