I got the 2 gallon CH compressor from wally world. There is a thread here about it. It basically is a decent compressor, but you get what you pay for with it. I wouldn't call it bottom line, but it definately is not the best. It works well for me, but I'm just starting out, and I will replace mine when I need to with something more expensive. The only complaint I have with it as of now is that it is pretty loud, something to consider if you have neighbrs that you don't want to p*ss off.
I also got the wally world special airbrush. It's the aztec/testors airbrush starter kit that comes with the brush, some 1/4 oz. acryl paints, and one nozzle. I had to return the first one because it was leaking, but the next one they gave me works perfectly. One of the first things I did was buy another nozzle, as the black/grey one is too broad for my purposes. It is a hassle to clean it, at least if you want to do a really deep cleaning. I would reccomend it, as it was recommended to me by a very experienced modeler. It makes a great starter brush, I think. I'll have to do some more research when/if I get another brand.
As for the single vs. double action question, I have heard that you should just start out with double action since most everyone ends up there. I could not agree more! I had a single action a long time ago and it was very frustraiting to use, so much so that I did not buy another airbrush for many many years. You may spend a little more time learning to effectively use the DA, but it beats buying two brushes and having to learn everything twice.
If you just want to skip all that detail mumbo-jumbo I just wote, here's what I said, in a nutshell:
FOR ME, the CH compressor works great for now, and for a start up system
Ditto on the Aztec/Testors airbrush (double action)
You might as well go with Double Action, that's where you'll end up anyway.
Have fun, good luck, hope this helps.