agreed with both rougepink (with qualifications) and jwrjr.
the paasche vl and the badger 200 are available for less than $100, and price isnt everything: many high end airbrushes are meant for illustration work, and wouldnt deal with laquers and enamels very well, so they arent good for modeling.
also, dont go to the art supplier for your compressor. you'll pay too much for an underpowered compressor. (same goes for those found at many department stores.) dont try a compressor meant for filling car tires either. go to home depot, lowes, or sears and get a real compressor with a tank. you can get one that will work great for about $150 (or less). it'll have more than enough power, and will be handy around the house too. dont forget a good moisture trap and regulator/pressure gage too.
i own a sears craftsman 1.5 hp with a 3 gallon tank. its capable of putting out 125 psi and i have often used it for 12 hours running. the only disadvantage is that it is somewhat loud. (quiet costs $... and never trade power for quiet.)