I bought a Campbell Hausfield compressor at Target last week. It has a 3 gallon tank and is rated at .51SCFM @ 40psi and .39scfm @ 90psi. Max psi is 100. I have a Badger double action airbrush and an old Binks single action airbrush. I want to buy an Iwata eventually. I plan to paint N Scale buildings, cars, and track (N Scale content) I am replacing a clunky old Craftsman with a 5 gal tank. Price was $59.00 on sale from $79.00
Pete... It sounds like it will work just fine. 3 gallons of storage and 100 psi max....you will only be running an airbrush at between 10-20 psi...in short spurts. I have basically the same setup and the compressor seldom comes on while airbrushing. Good buy too...I paid 99.99 for mine about 8 years ago... .
You'll be fine. I have a 2 gallon Campbell Husfeld but also have a Phantom 100 silent compressor. The Phantom has a water filter/regulator unit attached. A water filter/air pressure regulator is a must. I attached one to my CH unit and it works well. By the way I have a Iwata Revolution gravity feed and it works very well.
I bought one of these at Target as well. 2 years and still runnin' strong! Everything from my car, to hobbies, it gets used alot.
With a pressure regulator and water filter, you'll be just fine. Watch the maintenance, and it'll serve many years. I've worn out compressors, but that was when I was building additions to the house; modeling shouldn't stress it.