Personally, I prefer a gravity feed AB, as opposed to a suction AB. If you're going to invest money into this hobby, I would suggest saving your money and getting either an Iwata HP-B, an HS Infinity, a Sotar 20/20 or Renegade Velocity. BTW, that "quiet compressor" you'll soon find it's not so quiet after you get it.
As far as paints go, any paint that's thinned enough to get through the airbrush will work, acrylics are best, but if you want great paints, I suggest investing in airbrush ready paints:
www.garagekitsuscolors.com