noise is only for short periods while it "charges up" for lack of better words.
but i guess you guys live in more residential areas. so if you choose your time wisely it could be fine if you go the air comp route.
doesnt have to be an expensive one for the odd job. $200 can get you a reasonable beginner kit (supercheap special works fine) and you can just keep adding the airtools to it.
ive got a dremel, it works fine, for what it is its pretty good, easy to use.
normally just use the extra extension with the main body sitting on the bench next to it.
it all depends on how much youll use it.
if its just for a 1 off job and thats about it. go the cheaper brand.
if you're going to use it a fair bit then go the more expensive brand.
or if you're like me, just buy the expensive stuff and claim it because of work purposes and never have to worry about buying that tool again. (and eventually have near most types of tools
)