you did very good for $80 - but as someone commented before, that tank is getting old and potentially unsafe, it all depends on how diligent the previous owner was about draining it, and the humidity of the area where it lived. The upside is that tanks back then were severely overbuilt! (unlike today)
even if you have to buy a new tank, you are still left with a great deal
the motor is single phase 230V, but could be rigged up for single phase 115V easily - but, I think you should run it at 230V, put a dryer plug on it and unplug the dryer when the little woman is not lookin

- running it at 230V will cut the current in half and be much easier on the motor! - also some motors seem to produce more horsepower at 230V, so you would more easily attain max psi.
the oil is no problem, it appears to be splash lubricated, have you checked thoroughly for a site glass than might have been painted over? - as for type of oil, you will be surprised, but any 5W-20, 5W-30, 0W-20 or 0W-30
synthetic will work fabulous - I personally like Pennzoil Platinum or Ultra - but any good full synthetic from Castrol, Mobil 1, Valvoline, etc. would be great and much easier on the pump and motor than the original single weight oil. Modern oils have improved a LOT!
it has a big 1725 rpm motor, so it will be powerful and relatively quiet - great stuff!
with a new tank or this tank verified as safe, you have a compressor that to buy a similar one new would be $2000+ - it's a single stage, but a dang nice one! - probably not gonna get more than 125-130 psi out of it.
if you own a boroscope, you can inspect the inside of the tank!