You can pick larger airbrushes up, they help the waterbased. everythingairbrush does some iwata copies that are cheap and will get the paint through at a lower pressure. You'll need to thin it slightly or use your better airbrush for fades or shadows / artwork though.
You should be fine with that compressor though. Don't over work it, the waterbased takes longer to dry out so if you alternate heat gun to airbrush you should be giving the compressor plenty of breaks so it should be mine.
I killed one of my 25litre ones painting a scale heli model
it was massive though and I was using a full size gun...
An airbrush on that should be fine, what size receiver tank does it have, that's a lot of the issue with this sort of stuff.