Well, you have a pretty easy setup. Your best bet is to use the compressor with the regulator. So I'd start by hooking that all up properly. The airbrush is single-action so it's basically regulating air pressure. The more you push the button, the more air, and the more paint. You can also regulate paint by how far out you thread the cone that goes to the paint jar. If you thread it in, you'll get less overall paint. And if you thread it out, you'll get more. You'll want to experiment with that to see what differences you can make in coverage. You'll want to be able to lay broader coats for coverage, and thinner, narrower coats for shading.
For your Pactra colors, you can use low pressures. 15-20 psi. But for Faskolor, you'll want to thin it from 25-50% and you still may have to run it up to 40-50 psi.
At this point, I'd suggest getting a few 2 liter plastic soda bottles. Split them lengthwise and use them as practice canvases. Practice trying different densities of paint by varying pressure and flow. Also work on how you move the brush to learn to be steady. Once you feel comfortable, you'll be ready to start your first design.