do i need to run basic air tools? Im interested in getting something that can run an air ratchet, impact wrench, maybe a paint sprayer occasionally. someone help me out please!
Generally, the biggest and most powerful one you can afford ($$ and power and space-wise).
Regarding HP and CFM and whatnot, the CFM ratings are usually a 'better' way to evaluate air tools and air compressors, but even there you have to know a bit about how they 'rate' the tools.
Tools that are used on an 'intermittent' basis are usually rated based on that intermittent basis. So a tool that actually uses a full 20 CFM@90 psi while it is actually in use will get rated as ~4 CFM@90 psi based on a supposed intermittent usage pattern and a duty-cycle of about 20-25%.
So that air impact wrench that really does **** down air at 20+ CFM@90 psi while it is being used under load gets rated at 5 CFM @90 psi because they figure you just use the tool in 'spurts' to break a fastener loose. If you have a sufficiently large air tank (and the right sized air hoses and fittings and so forth to supply the air flow to the tool at the PSI needed) and do actually use the tool in such an intermittent basis, things generally work out OK.
But if you are trying to use something like a air sander or air die-grinder where you will be using the tool for longer than say 15 seconds at a time and then waiting for a full minute or so before using it again, you need enough air compressor to supply enough air so that you are not waiting for the tank to refill before you can use the tool again.
Same thing with other air tools that are used on a continuous basis (paint sprayer, sand/media blaster, etc).