First, I have no problem welding on an air tank, I've done it several times. No, I'm not rated to, they were my own. On my current one, I added 3 bungs to it.
However, once it gets a rust hole through it, game over. Welding to a good tank doesn't bug me. Once it's rusted out, welding it could make a nice stressed part to blow out. The area around that pinhole could be darn near as bad. Go weld a 3" diameter patch around it, and you might have just connected all the "dots".
Do I believe it's likely it will blow up explosively? No. Would I chance becoming the next statistic? No. I bought my 30 gallon tank for $86 shipped brand new, it's just not worth playing russian roulette.
I'm sure there's a 99.9% chance you could get away with it. However, if you happen to be #1000...