I also have a sears compressor from around that time period. It has a tank and uses a two HP electric motor, also says its for painting. I have had to clean/replace the intake reed valves as they get warped and or cracked over time or could get grit under them if the filter is missing. Fixing...
I live in north Idaho, raise animals and can build machinery. Though I am an amateur at most things I do I still try and figure it out eventually. In short I am not afraid to try and enjoy the process most of the time. I will be visiting here from time to time for advice on my projects.