I had sch40 PVC in our shop for a few years, it didn't have a problem, but if I wanted to install plastic air lines myself I'd use sch80 at least. It just seemed too fragile if it got hit by something. Not to mention if CALOSHA inspected us.
I ripped it all out and plumbed it with 3/4" copper 1/2" drops with ball valves on them.
I've been reading a bit here and see that people are using black pipe, is this like the old blk iron gas pipe ? I've cut threaded and replaced plenty of gas and water lines back in the day and it all has a little rust or corrosion inside, I guess that's why they are all going to plastics for low psi stuff.
I would think its a poor choice for a compressed air system if it's not lined with something,but I'm just guessing.
Copper is so easy to run(almost like cutting/glueing pvc) I don't understand why more garage guys don't use it. We even ran some copper air lines for industrial customers back when I had a real job as a sparky, I remember sweating 2" for an Almond processing plant back in the early 90s, I had never thought of copper air lines before that,and thought what a great idea it was.
Edit: a 3/4" flang and some left over bits of copper/fittings makes a good paper towel holder and towel racks for the garage also.