There is a mix of correct info here. Marlin is correct that a given orifice size will only allow a certain flow. Contraction points such as orifices, along with valves, tees, elbows, etc creat head loss in a hydraulic system. Many of these have tabulated values for K, which is used to determine the head loss. At a contraction point, say at the 1/4" orifice, the velocity will increase because the area decreases. Q (cfm) = V (ft/min) * A (ft^2) Qin=Qout so the air entering the hose at the compressor has the same cfm as when it leaves, unless you have multiple outlets running at the same time. The equation is a bit more complex when you consider head loss and friction factors, but that was just showing that the Q is the same throughout. The volume of air on one side of the disconnect is the same on the other side, its just a raise in air pressure......assuming the 1/4" ID continues throughout the tool.
Orifices, valves, tees, elbows, etc all create head loss, and this head loss reduces the amount of Q (cfm) that leaves the compressor tank and into the hose. There are also friction factors from the pipe and the rubber hose, but that is typically minimal in a small pipe network. So in summary, the cfm will decrease using a 1/4" orifice on a 3/8" ID hose due to head loss. I don't have time to run the numbers, but Marlin appears to have found a website that already has. I don't think a single tool uses more than 36cfm in my garage, so I'll stick with the 1/4" QDs on my 80gal compressor.