If you are anchoring this to concrete than use the 3/8" anchors. Drilling in concrete always has some drill bit walking, especially if you mark the holes and move the compressor and just try to drill the mark you made.
You don't need huge bolts to hold the compressor in place, they basically just keep it from "walking" due to the vibration. The compressors weight keeps it put, the bolts just need to handle the vibrations that make the compressor "walk". I have my compressor, a rolair 30 gallon 2 stage that weighs over 300 pounds mounted to the wall of my garage on a plateform I made out of 2x4s and plywood supported by steel brackets I made to hold it up. I am eventually going to lag bolt the compressor to the platfrom with some rubber isolators when I have some extra money, but for the time being the compressor stays put just fine not even being bolted down and not having any isolators. And personally I don't like hockey pucks for isolators, yes they are rubber but really stiff rubber that doesn't absorb much vibrations. For concrete they should be fine but I am going to go with a true vibration isolators from mcmaster.