I was wondering if it's possible to build a decent compressor by accumulating both new and used parts?
Yes, it is possible:
1. I've been using one I built thirty years ago from a truck compressor head, a tank I picked up at a yard sale, a used 1hp motor and a valve/gauge/drain unit from Grainger.
2. Recently, I picked up a non-working Quincy 206 on a 30-gal ASME tank for $100, got the non-standard 1/2hp motor running, then found a 1hp motor for $25, replaced a broken drain plug and have a $350 compressor.
3. I was given another Quincy 206 pump which looks like it could be the basis for another build.
No, if you have to ask this question, you might be too far behind the curve to build one cost-effectively. Besides, in today's craigslist world, there is a screaming deal on a compressor at least once a week in any small to medium metro area.
Maybe, you should read up on how-to, collect free to near-free parts and see what happens. In the meantime, watch craigslist morning, noon and night. Don't pull the trigger unless you can see and hear it run.
thnx, jack vines