Here is how I generally think about noise:
<20dB - essentially unhearable
20-25dB - If you try, you can hear
25-30dB - Still pretty quiet but you can hear
30-35dB - Some people still consider this kinda quiet but this is starting to get up there
35-40dB - You're getting loud
>40dB - It's pretty loud.
However, there's something else about noise that you can't get from a specification - Does it have a high-pitch whining? It could only be about 25dB but if it has a high-pitch whining sound, then it's quite annoying.
So for the fan you're looking at, that's not really that loud and some people consider that still in the quiet range. And since you're towards the lower end of 30-35dB, then good.
As far as air flow, I'm probably the wrong guy to ask. But a general rule of thumb that I use when I select a fan is that I'll select what noise range I'm looking for and then basically find the best combo of noise/air flow that I can find. For example, if I want 30-35dB and I see a 32dB fan give 39.6CFM and also a 35dB fan that gives 40.1CFM, I'm probably going to choose the quieter of the two. But if I were to see a 32dB fan give 39.6CFM and a 35dB fan give 49.6, I'm gonna choose the louder fan because that's a big difference.
I hope that helps!