CM - that would work fine for modeling, but with a 6wk old it might be too loud. Something more appropriate with one that young in your house might not be easily found for less than 100 dollars.
However, if you built some sort of sound proofing in a box (with adequate ventilation) you should be able to cut down the noise a bit. I use a computer desk to model at, and I finally decided to put my compressor (similar to the one you showed) in the area where the tower would normally go. It cut my noise by at least 1/3, I plan to put egg crate on the walls to the sides and top, and perhaps enclose the back with wood and egg crate as well leaving the front open. It won't be perfect but I think it will help a lot based on the reduction of just moving it somewhere semi enclosed.
Good luck! Maybe you should check into getting a CO2 cylinder or something. I know several here use it and it is completely silent!