I almost didn't want to look at this thread because I was afraid someone would show me a better compressor than what I have, and I would be forced to get it!
I have a Craftsman 33 Gallon vertical that came with free air tools ($299). I sold the air tools (useless, the impact wouldn't remove anything, same with the ratchet) for $40, so I got everything for $259.
I know it is more than the one you listed, but I was once in your shoes. I told my friend I wanted a small compressor to dry off my mountain bikes after washing them. He took me to his house and showed me all the thing he does with his 30+ gallon compressor.
After having this Craftsman compressor now for 6 years I can tell you only that I wish I had bought it ten years before that. It does everything for me! It pulls lugnuts off with zero effort, removes any bolt/nut I have come across, airs up tires, dries off bikes, runs grinders and cut off wheels, DAs (I now only wax my car with a DA, zero effort and a better shine!), and the list goes on and on.
Every air tool I have is from Harbor Freight and works fine, except for my Craftsman Professional impact gun which can pull of diesel truck lugnuts.
Every socket I use is a Craftsman chrome, non-impact. I have never busted a socket even using 120psi all the time (I was once worried I would have to upgrade everything, but these sockets proved me wrong).
So, in short, buy the biggest compressor you can afford man. You will use it. If you buy a little one you will only wish you had one big enough to run air tools.
***About the noise issue, I am midway through the build of an air-cooled (120V 4" fans) compressor cabinet. I have tested it and it works great for taking away nearly all the noise (just goes to a quiet hum), just need to finish it
James