I agree and the tool ratings do not help. I am going to ramble a minute here and this is just generalization and some of the way I do it, for more exact ask finair but to second what he says,,, the number is 4.5 but unless there is a reason to be exact I use 4 just the same as I do on electric circuit, while it may be true that 120W is an amp I use 100 when generalizing design requirements.
Machine philosophy 101,, when you start this you tend to be captn overkill, I always had the best, 3x etc, as I get older I manage for the load a little better and from huge amoungs of experience and real general observation between expectation and reality have become an expert in estimation if there is such a thing.
Last real math I used was to calculate a bill and had to get a calc out just to do a simple number I had forgot. I cant anyway, most of it is over my head, many of these things are too difficult but if someone points to the comp and says, will that work to paint a truck,,,,,????? Then I am on it. I can tell you ,, not mathmatically,, well kind of in an estimate way that you can do body work and paint from 12 cfm if you are right on it, thrifty, concious to some extent with only a little wait a single guy can manage.
2 is a different demand and 3 can run under 30, over is better, this excludes continious blasting which is a specialized demand.
60A electric will support 2 men in a garage,,, 3/4 water line and an inch is a jump way bigger than it appears. We talk about pipe, 3/4 main for 10 ft to a reg which ends up with a 3/8 hose and take and open it up with a blow gun and see how fast it drains these little dinky comps.
Like the farm dealer down the road,,, has 7.5 or 10 hp for shop air I need to be above that 12 threshold for the additional activity from multiple users, I am around 30% load depand in some sense, I dont upsize every code by 3 or 4 but 1 and I can meet the demand.
I have a few hi motor load, air comp, a little welding, some cooling at 30A but still have 400A, I can run my whole place on 100 if I was thrifty. Its rated 400 for other reasons, the price was right, I do not need to manage, I can add without upgrades, can turn on a 300 synch and not concern myself. But again,,, right price, the farm dealer solved his air issue by getting new 10 hp,,, I did it for a day of reman and old comp someone gave me and added a unit that really never runs, allows for short sandblast without additional air and a bit of pipe blow out etc,,, once in a great while it will come on if we sand long enough but its kind of rare. The clunker it is,,,, is fine, it runs 1 hour a year (if I hear it come on I know the score) and is a backup to allow for un interupted air should something go south with the main.
For a home shop one of those 60 gal things are really a minimum but adequate, could do everything to a car you needed to. For light shop I see one,, an Ir, probably from the farm store with 18cfm, maybe 20 on the side, nice unit. As I recall just legal for a 10 wire? Anyway that is farm size, a man would tire with a sander or be done before air demands became a real factor.