Wow, you've convinced someone to take in trade an oil-less compressor for a 5 HP/60 gal 240v compressor ??!!?? You should be selling snow to Eskimo's!!
RUN, don't walk to go grab that compressor swap.
Make sure you have the 5 HP/60 gal cycle through a couple tanks of air. Drain down all the pressure and see how quick it fills up to say 140 psi, or whatever the regulator is set to cutoff.
Also, drain out water from bottom and see what it looks like. Open up the oil fill hole and stick something in there to see what oil looks like. Good luck.
P.S. Since guy is feeling so charitable, have him give you the wiring that goes to compressor and heck the breaker in electrical panel if you can !!
