I would return it and get a 3/8. The cost difference right now for you is minimal vs. in a year or two if you decide to upgrade.
You will be good with just a filter/regulator to start. I wouldn't worry too much about an inline oiler either unless you're mounting it right on the tool being used as the oil can deteriorate the air hose it's better to just oil the tool directly.
Also depending on how far you are running the rapid air it may benefit you quite a bit to go 1/2". Depending on length of run and what your compressor maxes out at for psi