That's the kind of thing most of us start with, I have a compressor the same and still use the cheap AB, (Near enough same as your link), they're perfectly good and when you feel the need you can look at alternatives.
Hi Badger and welcome to the forum. There are plenty of references to airbrush use on here and many suoperb examples of what you can achieve with them so have a good look around and I would suggest a good beginners airbrush book, look on Amazon, will be a sound investment.
This brush is an excellent start without spending too much money. When you feel you have outgrown this one you can move up to something more sophisticated but find the limitations of this one first.
Welcome Badger,I'd second that. Whilst I'm not familiar with that particular kit it does have all the features you would need for some successful airbrushing.
Thanks guys, i went ahead and ordered it. I also ordered my first model Tamiya Grummen F4F-4 Wildcat. Eventually I would like to make a B-25 Mitchell, which is the bomber my grandfather flew in WWII but I think I will work up to that.