RODC - yeah you should have a moisture trap to be safe.. it goes as close to the airbrush as possible, in most cases after the regulator and the airbrush hose connects to it...
You should be ok with the regulator on the compressor from what I know.. (don't have a similar compressor...)
As far as pressures that varies from brush to brush and person to person. Thos are good starting out pressures but if you have problems with orange peel or splattering paint you can adjust how you see ift... (orange peel is helped by lowering the pressure or spraying closer to the model, splattering paint could mean it is not atomizing good and needs higher pressure or more thinning)
In between paints that will be fine... about every 10 hours of spraying I soak my tip and head in laqcuer thinner... needle lube goes a long way to be able to keep paint from adhering to the needle and the resulting dissasembly needed... I wipe mine down maybe once after a long day of painting in most cases...
just do some searches on here for airbrush cleaning and pressures and you should be set! I know MusciCity has some good links on his site for this but I dont have the link on the top of my head... look in some other posts here and find a reply from him.. it's in his sig.. it also has something on pressures too!