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I wanted to get into air brushing but probably cant justify the entire upfront cost of brush & compressor. However, I do have access to this compressor.

It has a psi regulator on it but im not sure if there is something else that is needed from an air compressor for a spray gun. I have seen that a lot of the smaller airbrush compressors have a moisture capture but would one purchased separately work as good?

Any in-line moisture trap should work for your needs. Definitely get one though as there's nothing more frustrating than your brush suddenly spraying watery paint all over the area where you've just been working.

That compressor looks like a bit of a beast to use for an airbrush though, so you may struggle to get a steady output at the PSI you need.

That said, if you can get hold of a brush to try it (maybe a cheap one to practice basecoating) and upgrade as/when you need to, you'll only have limited investment in it if you find out it's no good.