i guess it depends on how serious the wrenching is going to be. i say any serious use of air compressor requires at least 5 HP, 60 gallon tank and two stage (none  of mine are but i wish they were).
a 2-stage compressor is more efficient, cooler running and longer lasting than single stage units.air is compressed in two steps to increase air pressure out put.
first stage: the large cylinder compresses intake air to approximately 50 psi.
second stage: compressed air is discharged through an intercooler to dissipate heat and into a smaller cylinder which compresses air to 175 psi. air then passes into storage tank. (quote from craftsman tool book) continuously
being a framing contractor and also a garage nut i have several compressors.any continuous use requires more balls (HP and bigger tank). with my 5 HP i can rotate tires on the 1 ton GMC and have the compressor only come on twice. when i get into serious framing or rotating tires my 2 HP with 20 gallon works but it runs continuously and i can run it out of air. my 3 HP with 30 gallon i can rotate tires or do some serious framing without it running  have a 1 1/2 HP pancake  (emglo) and it will do light framing and run my air ratchets and impact but runs out of balls and air real quick. most compressor pumps are aluminum now (my 5 HP is) and some of the smaller compressors are oiless. i would recommend if you are going to be using an air compressor on a continuous basis (mass production or over working them, etc.) to stay away from them. overworking them may heat them up to the point the seize up.
volume is very important. make sure they compressor you want will handle the tools you will using. an air ratchet only makes 40-70 (avg.) ft LB of torque and use 4.0 scfm@90lb psi. an impact wrench can make anywhere from 20 to 1250 (avg.) ft lb of torque and use any where from 4 to 9.5 scfm @ 90 LB psi.
the bottom line is make sure you buy a compressor big enough to do the job. do some research first. i have been using air tools and compressors since 1970. i have made many mistakes over the years but have learned from those mistakes.
1) big enough compressor to do the job  (i say minimum of 5 scfm @90 psi.)
2) tools to match compressor (don't buy a tool that is too big for the compressor, it will only put out what ever the compressor will do)
3) make sure you run a water trap and also drain tank on compressor. ( i run my trap at least 20 feet into air line as i believe to close and any water is pushed right through)
4) oil your tools every time you use them (I've had too much trouble with auto oilers and hand oil my tools every time I use them)
5) everything I have talked about is my opinion. These are my facts. ask other people too.
                                                Larry

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