Great information! Do you know how much these type of compressors usually go for? I know there's a lot of ifs because there isn't a ton of info on it. I wouldn't want to overpay if I could possibly get something better for the same price. Thanks!
Price? Anywhere from free to way too much! Once you figure out what the pump is, you can get its specifications to figure out how fast you can spin it, how much flow it can output, and what HP will be required to get that pressure/flow.
Here is one thought - if you set up the pumps to spin at a speed that requires a maximum of 2.5HP each, you can obtain a single 5HP electric motor with a double-groove pulley on it, and drive both pumps simultaneously (you will have to slot the mounting holes on one pump so you can tighten its belt).
If the pumps are large enough that you can spin them a bit faster which will require maybe 3-3.5HP each, you can step up to a 7.5HP motor ($$$) and do the same (that's about the maximum amount of HP you can run through a single belt).
So price, again? First the motor: New, you're going to be looking at $350-500+ for a 5HP motor, or $500-800+ for a 7.5HP one. Used motors will be less of course, but I don't know how easily-obtained they are in your area.
Then, you'll probably have $80 in a sheave/pulley + belts, along with $30-50 for another pressure switch having a higher operating range. Another $50 in fittings and misc. hardware. Oh, and then motor starter - that can range from $50-400, depending upon quality/type (IEC vs. NEMA), new/used, and how big your motor ends up being.
Plus your time. Add more time and $ if you have to rebuild one or both of those pumps. Not trying to scare you away from this, but this is NOT a turnkey setup by any means.
Speaking for myself, if I could see the unit, verify that both pumps have a good oil level in them and that the oil looks like clean motor oil and not like a mocha, and that the tank is mostly oil-free, and both heads make the chuffa-chuffa-errk sound when you rotate them by hand, I'd probably pay up to $150-200 for it tops. Oh, and then there is the tank - if it never got drained, it could be shot. Deduct $250 if a gallon or more water comes out when you go to drain it.
This is getting long-winded, but hopefully will give you the factors to consider in your decision. Maybe others can chime in on parts availability for that old of a Devilbiss pump - I want to say it shouldn't be a problem but I don't know that for sure.