I recently attempted to pull my 60 gallon 5HP on 1 of 3 legs and do a spin maneuver in order to get it off the pallet... needless to say, I wasn't thinking. Luckily I had 2 huge, stiff cardboard boxes nearby that caught the damn thing when I lost balance. Compressor didn't get damaged at all, and my neighbor heard the noise so I had some help to get it back up.
Don't do what I did, use an engine hoist. Hockey pucks have been working out well for vibration dampening. Unless you have a huge shop with a ton of free space, get it off the pallet.