Go back to Lowes. Head over to the air tool section and pick up a regulator (Cobalt brand - should run you about 20 bucks). This will regulate the air pressure coming out of the compressor and limit whats going to the airbrush. You won't be spraying at 60 pounds.
Next, head down the plumbing aisle to the fittings. In my Lowes they are located right next to the steel gas pipe. There you should find some 1/4 to 1/8 reducing couplers in brass (Connect it the other way and it is a 1/8 to 1/4 increasing coupler!) The samples are attached to display boards (at least in my Lowes) and the items themselves are bagged items. You should be able to get the parts you need to connect the compressor to the regulator, to the outlet pipe/hose; nipples, couplers, tees, angles, etc.
Grab one of the workers in the plumbing department and explain to him what you want to do. He should be able to help you pick out the fittings necessary.
Pick up a roll of Teflon thread tape while you're there. Wrap a layer of the tape around the male threads before threading into the female. Makes for a more leakproof connection.