OP, here's what you really need to do......Dig up the phone number for your local state boiler inspector's office...Tell them you got a ASME Section 8 pressure vessel you can tote to them for casual/courtesy remaining thickness inspection.
They can quickly use their hand held utrasonic thickness gauge on the shell and tell you if it is safe.....Make certain the inspector tests the full bottom-most part of the tank....The bottom....If data plate don't describe original tank thickness, then he can read the top center of tank and compare it to bottom of tank. the top center of tank will almost NEVER lose thickness due to corrosion compared to bottom of tank.
That rust you see on the outside means nothing....Destructive rust occurs on inside, and always along the bottom and often near welded lower nozzel fittings like condensate drain.
If the inspector tells you it is unsafe for designed pressure, he can calculate at what reduced pressure it would be safe.
Hell, if nothing else,, you can make a great smoker out of it and still salvage the pump and motor.
Buddy, I ain't foolin here..I've investigated many small compressor tank ruptures and it ain't pretty when it happens....Some were almost new....they usually rupture at bottom due to years of internal rust and blow straight up, so folks don't usually get hurt bad or killed. but you never know.
Here is an example of what a ruptured compressor tank looks like after the fact:
http://www.doli.state.mn.us/Images/air_tank_3.jpg
Just use Google key words 'ruptured air tank' or 'air compressor explosion/exploded' for plenty of other images. It is MUCH more common then you hear about in the news.
Electric/gas fired water heaters are subject to same, but when they explode they release pressurized water above boiling temps and it expands 1608 times water volume at same rate of expansion as TNT....water heaters usually blow thru the roof from basement levels or lower floors.....It happens MANY times/yr but you don't hear about it like you would think you should.