As M1 garand said, that's an expensive air source. You will need a high pressure first stage regulator (like the one usually attached to the tank) and those are expensive. If you intend to modify your SCUBA rig for airbrushing use, it would probably ruin it for diving—I wouldn't take the chance. If you are not going to use the rig for diving anymore, for whatever reason, you would be better off selling everything and spending the money on a compressor and tank intended for airbrush use.
That being said, old SCUBA tanks that have failed inspection are often still fine for low pressure storage and stilling tanks (100-150psi). I've built and used several airbrushing set-ups that way.
Another alternative, if you just want a quiet air source, is a carbon dioxide tank. Refills are cheap, and you usually rent the tank (cheaper than buying by a long road!) The worst thing is having to lug it to the shop (usually a welding supply outfit) for refills. And, in accordance with Murphy's Laws, you will run out of gas just before you finish, at 5:00 PM on Saturday.