Don't get an oil-less! Spend the extra hundred and get a good, name brand compressor with decent capacity (more than 10 gallons) and again, don't get an oil-less! They will crap out in no time. Oil feed is the way to go, much longer life, and as long as you remember to check the oil level every once in a while, it'll last you years.
As far as tools go, here's a short list:
1/2" impact, 3/8" air ratchet, die grinder (straight and angled) "safety (30 psi) and normal (90 psi) blowguns for cleaning off working areas, and maybe an air drill. That'll get you started. You could get a 3/8" impact instead of the 1/2", I doubt you'd need the torque of a 1/2" impact to do anything to a bike.