Well, I have been doing a little math. For under $350 total I can buy:
Chicago Pneumatic Impact
HF Air Ratchet
HF Air Hammer
HF Deep Impact Socket Set (Metric)
HF 2.5HP 21 Gallon Air Compressor (150 after coupon)
Goodyear 50ft air hose
HF HVLP Spray Gun
HF Brass Coupler set
With that in mind, I will probably buy that setup at some point in the next couple years. And with that setup, I will probably have whatever I need for a long time.
I was in your same position 3 years ago.
I bought the exact same compressor.
It's loud. Very loud. Very annoying. I returned it. For $250 (w/ $50 coupon code, search the forum for "northern tool coupon codes") you can get an
oiled lubed belt driven compressor.. I can't stress how much quieter they are.
I ended up with the Craftsman Pro 25 gal compressor, they are quite a bit more now but I got it for $350. Even at >2x the cost of the HF unit I'm glad I went with it.
Listen to the difference in noise between the two units:
Craftsman Pro youtube video
Harbor Freight 21 gal youtube video (fast forward to 5:30)
On air tools. I owned an IR 2135qtimax ($300 gun), Aircat 1100k ($180 gun), and the old and new versions of the Harbor Freight Earthquake 1/2" impact ($75-$80 gun). Check out
my review here. One of the best 1/2" guns on the market period. Search Google for reviews, the older style were heavy but used in horrendous conditions and kept on going. The new ones haven't been out but a year so no long term results (years) but so far so good on mine.
Air ratchets? Useless IMO unless you get a QUIET mini 1/4" or 3/8". HF got rid of their 1/4" quiet Earthquakes. Aircat makes the next best one. Think hard about using a loud, ungainly 3/8" air ratchet. I tossed mine.