This may have been said already, but the compressor & motor base are obviously from another application, probably an old refrigeration compressor or generator base.
Compressed air is to be treated with great respect. Do a search on the net for photos of failed air tanks. The only thing more impressive is flywheel failures!
Only the oldest guys would be able to tell you what that tank was for originally.
The motor and probably the pump are gems and well worth cleaning up and rebuilding if necessary. The motor is probably a repulsion induction type, which are no longer made and getting harder and harder to find as more get scrapped for the copper every day.
Some old tanks are so massively built that failure is probably "not an option", but rust and metal fatigue are unknowns. If it has large enough plugs you could remove them and inspect the interior, but just as in old rivetted boilers, the deterioration and failure usually occurs around the seams where it is not easy to detect. You could cut out a round on one end and clean it out, have it properly welded back together, hydro-tested and all that, but is it worth the trouble when it's not an original set up anyway?
Get a retired upright 125gal/400lb propane tank if you want a tank with heavy walls, built to withstand a lot of pressure. I wouldn't use that one unless it was in a field or buried in the ground. People get lazy or stupid: I bought a 80 gal unit made a few years ago recently and found there was about 2 gal. of water in the tank, and this had been used in detail shop where you would think they would have some idea of basic maintenance!