A friend some years back bid and won a large compressor off a 1950's Navy ship being Decommissioned. 120 gal tank and 7hp motor. He paid more to have it truck hauled to his OR home then the bid cost.
It was rated to...225 psi and did so quite easily..it was quite as could be,,,,just a low speed thump thump thump.... it could lull you to sleep.
point being, it was a GREAT find and he will never have to upgrade...We did need to put some rings in it once....but parts were still available as I remember...its been 10 years or more now.
I would do an internal inspection, if no signs of bad rust Id install a new blow off valve and plug er in to come up to full pressure.. a couple of dozen times in a area that would contain a tank failure (Ive never seen an air compressor tank catastrophically fail when only used to design pressures, crack at a weld and leak yes...but never explode and send shards of metal flying...though its possible Id assume)
But hey I live dangerously