That’s what I used to use with my badger compressor. It works fine even though it’s not a pressure regulator. You just have to adjust it by sound and feel. You can get the same thing at a HW store and avoid paying postage.
The only other thing you may have to worry about with this regulator is that you cannot filter moisture. The Badger filter is both a regulater and moisture trap, so depending on spraying location and humidity, it may be the way to go. Also, if you are doing very fine line work ( between 5-15 p.s.i.) you may want the finesse of a dedicated regulator such as a Badger ( Norgren or equivalent ).
that will work you will just have to find your sittings by trial and error… and when you find a good sitting i’d make a mark to remember where it was at…
as for cost… a compressor just pushs air… can be expensive or can be cheap… what really helps is being able to regulate that air into a steady pressure…
for about $17.95 at Wal Mart you can get a commercial style regulator that will fit your compressor that allows you more control than the one you showed… it has the guage you can see what pressure you are at and for about 11 dollars more can get the moisture trap…
I would really lean towards at least the regulator mentioned as it will give you a lot more control over your painting…
there you go…that is a better option than the one I mentioned… a much better choice for airbrushing… the one you doesn’t control pressure directly, only flow… and therefore indirectly pressure…