X 2 with all the above. Aside from the excellent info that junyer357 posted, I would also recommend watching YouTube videos on the subject of lure painting. There are hours worth of tutorials there that will help answer questions and get you started. The Iwata Eclipse hp-cs airbrush is also the one that I use, as well as the Createx, Wicked, and Auto Air water based paints and a small pancake compressor that I picked up cheap from Harbor Freight several years ago. I like to paint indoors, and the compressor is very quiet. The reducer that I use is Auto Air 4011. You will find that some paints will need more or less to flow properly, especially at low PSI.
Here is one such video that you may find helpful. The artists name is Mikko, aka SolarBaits from Finland. His work is amazing. Here he demonstrates how to paint gills and fins using stencils. Even for a beginner, it's not as hard as it may look to get great results.
Above all, have fun!