I'd second the moisture comment, you will be prone to some amount of condensation, i could pretty much guarantee if you opened the drain valve and placed your hand under it would come away wet.

Certainly get a moisture trap on there.

Otherwise that seems a pretty good idea for a setup, re the couple of min to refill, i'd be inclined to think that apartment dwellers would still get grief, i have a big noisy complressor in the shed, (for big sparyguns, airtool, tyre inflators) etc and it's a fairly decent not too old one and that thing is NOISY and damn, does it vibrate while it's filling it's own tank.

I wouldn't fire that up at night for worry of annoying the neighbours across the yard so certainly not in an apartment.

On the silent compressors, I have a cheap setup I bought from ebay, compressor and two AB's, it's been great, I can spray at night with my little boys bedroom right beneath my hobby room without disturbing him.

I,ve done protracted sessions of 45+ minutes a few times, so much i had hand cramp and while it's gotten pretty hot it's not reached the thermal cutout or become lacking in operation, the whole setup was less than £100 delivered too.

The only thing i'd change now is i'd buy one with a tank.