A good way to get started, sure. The 175 will probably not spray as finy and tiny as your 470 though. My MM airbrush would do 1/72 mottle when I got it but it didn't last long. IMHO, since you are going to upgrade and treat yourself a bit as well you may go with a brush with more capability.
http://www.dixieart.com/Iwata_Revolution_Airbrushes.html
A brush such as this one (CR) will have many advantages over the 175 and is priced very reasonalble. You will not be spending extra money on accesories because there are no tip/ needle changes with this brush for different effects. Finelines, wide coverage, whatever, can be done just as it comes. So you spend about the same money and get more airbrush. And it's much easier to clean and used less paint as well Shipping is free from these guys for orders over $45 US also. NOTE: It does not come with a hose. You can use an adaptor to use your current hose or mail me and I will send you one!
The compressor is ok and will serve you well for a couple of years. I had the Paache equivilent (without the auto on/off) and it worked good but was loud and finally started making a knocking noise that turned out to be a worn out bearing in the connecting rod. I just purchased this....
http://www.dixieart.com/Iwata_Sprint_Jet_Air_Compressor.html
It's piston instead of diaphram driven (higher volume and pressure) and is nearly silent and I love it. If you like the auto on/off feature the next model up (smart jet) is the same compressor with that feature added, allbeit for a few more bucks.