John- Here's my advice;

I'd recommend a compressor with a tank. I went from a tankless Badger compressor to my Iwata (has a tank) and I was amazed how much less the compressor ran. The tank creates a nice buffer of air, and gives the compressor some time to cool down. The problem with any of the Iwata compressors is cost (mine was almost $500 CAD on sale). Don't get me wrong; I love my compressor, it's got a great range of pressure , two regulators and moisture traps and the main selling feature it's the quietest compressor I could afford, but it did cost more...

When I was at the art store looking at the compressor, the sales guy showed me some very nice Paasche and Badger compressors with tanks. Sunsanvil has a great review of the Badger compressor that Scott just bought. Below is a link for the Paasche.

http://www.paascheairbrush.com/products/Compressors/Compressors/D3000R

Paasche also makes a cabinet style similar to Scotts Badger, but it's not listed on the website.

Here's a link to the art supply where I got my Iwata. They have the cabinet style Paasche compressor.

http://www.artistsupplies.com/store/product_info.php/cPath/92_17_136/products_id/50474

Just my two cents.

Jason