It will work fine if you don't mind the constant motor noise from replenishing the air to pressurize the tank.
My first one was from Harbor Freight with coupon was like $39 + tax, same one with coupon is like $49 these days.
http://www.harborfreight.com/catalogsearch/result?q=air+compressor The 6 gallon 150 psi will also do small project around the house.
Started using the air to regrip from the FGI days, it had a whole page from Arnie showing the do's and the don't.
It is also useful to blow out the loose epoxy bits from the shaft ( blow it out from the tip to exit the grip end ) clean out the work area of dust...attach rotary tools and you could also trim shafts....
As with all pneumatic tools, it won't last, that one I had worked about 2 years before the internal parts rusted out. Make sure you drain the tank free of moisture "completely " each time after use, that will prolong the lifespan of the compressor. Tilt the tank in an angle with the power on and the drain plug open so the moisture collected within could be pushed out by air. Using a larger one now.