I just purchased an IWATA Smart Jet 850, and the IWATA HP-C Plus airbrush gun. I did a lot of research on the net about what is most recommended for makeup. The airbrush gun is not the cheapest, but it is a dual action with a larger cup feed (in case i need to load it for body makeup), and can spray very precisely. The compressor weighs about 8 lbs, it's electric, comes with the hose, pressure regulator, and goes up to 35 psi I believe. You don't need such high psi for makeup, but if the gun ever gets clogged you'll be glad it has enough power to blow it out.
besides that, i also purchased the temptu aqua foundations, s/b brow, and aqua blush/highlighters. I really want the s/b, but I figure the aqua is more economical while I am still fine tuning my airbrush skills.
I got my compressor at dickblick for $177
the airbrush was 180 at repaintsupply.com
temptu sample packs at laurelcosmetics.com
from my understanding, the MAC pro site sells the exact same compressor I purchased, for a lot more money... currently 285
i do not know if the airbrush guns are iwata though.