This is a controversial topic, and the participants seem to be split: "it's fine, just use it" vs. "you're going to die...or at least get your legs blown off".
I won't say "I'm in the second group", but if you check out youtube, you will find enough aftermath stories about catastrophic tank failures that it made me say "hmmmm...". There's even a video of a guy taping some sort of on-line shop video...he's talking and in the background you hear *BOOM*! Surprised & stunned, he said "WTH was THAT?" On camera his investigation reveals that his compressor exploded while he was recording. It isn't staged.
My compressor was about 20 years old. It runs fine, but as for the tank? Who knows? And have I diligently drained it after every use? Honestly?...not even close. And it was located under my bench, so if it were to explode while I was standing there, I would have been hurt, for sure.
So I decided to separate my compressor from my tank.
Replacement Campbell Hausfeld tanks are absurdly expensive, but truck air-brake tanks aren't. And they're stronger, have thicker steel, are coated to protect from extreme elements (road salt), and have a much higher operating pressure. I bought one and put it on a stand behind my shop and ran some "K" copper through the wall. I put in one of those tip-valves for a drain, with a conveniently-located pull wire. And by making it easy to drain means I do (now!) drain it fairly regularly.
But the interesting part was the old tank: I cut it in half with a cutoff wheel. What I saw was frightening. Heavy popcorn rust was everywhere, and big loose sheets of rust were laying there. I also wire-wheeled off the rust around the cut edge and took cross-section measurements of the tank wall thickness, The bottom of the tank was significantly thinner than the top and sides. Like half the thickness of the cleanest parts. There's absolutely no denying that the structural integrity of the tank was compromised. Compromised to the point of failure? Was I on borrowed time? Can't say. But what I saw really made me glad I undertook this project.
This isn't a warning, and I'm not trying to convince or scare anyone. But what I saw was eye-opening.
The usual caveats: apply: YMMV, discard as you see fit, etc.
EDIT: Here's the live explosion video I mentioned...
And here's the inside of an old tank (not mine). Skip to about 6:40....That rust was created at the expense of the steel.