There is no resetting the firmware in these controllers. What you are thinking about is software which would do them no good.
I work with these controllers every day and the reason we do this is to stop theft and to stop unauthorized modifications to equipment.
There should be a check valve between the compressor and tank. This is what holds air in the tank not the reed valves. If it is leaking thats what happens. Seen it several times.
Do not wrap it in plastic. Best bet is to leave it open so it can breath. Wrapping in plastic will trap condensation and cause rust for sure. Other option is to find a breathable cover such as a motorcycle cover or such.