Absolutely. The airbrush doesn't really care what supplies the air, as long as it is dry and throttled down to a working pressure. Running 100 PSI is not recommended! Get a second regulator for use in your spray booth. I just run a hose to my spray booth, and can barely hear the compressor.
I use a three gallon pancake, which works fine for airbrushing, but runs out of air for woodworking. See if you can finagle a five gallon.