21 amps is the full load rating or FLA which is at full running rpm (ie. not at startup). By NEC, multiply by 1.25 for wire size which means min. #10 AWG. Breaker sizes are as per a table in NEC. Without looking it up, it is probably 40 amps or maybe 50 amps. Breakers for motors are usually larger in order to handle the inrush current at startup.
I have a 5HP motor on my compressor and FLA is 22. I have a 40 amp breaker because I had a spare kicking around and it works fine but IIRC, our code calls for a 50 amp breaker.
There's no problem using a smaller breaker than code says to use if it works (but not less than required wire size), but if it does trip on startup, you'll have to get a new one and may not be able to return it...
If you hardwire the compressor, you will need a disconnect switch at the motor or I believe the NEC allows the breaker to be the disconnect if within sight and within a certain distance.
You can use a receptacle and cord connector as long as horsepower rated. (See NEC 430.109(F)). If using a receptacle and connector, this functions as the disconnect means.
Not sure why you'd have to go to #8 if Romex? What NEC articles require that?
Someone with a Quincy will probably come along to say what they are using.