If I were you I'd DEFINITELY stay away from the oilless type compressors... They run a lot faster and charge up a lot faster, but their service life is terrible... As someone else mentioned burning one up doing spray painting, if you do any heavy work at all you'll be lucky to get a year or two of service out of it. By heavy work I mean impact wrench and tire work, and some spray painting.
I got a two cylinder Cambell Hausfeld from TSC on closeout-- about a 60 gallon tank and it puts out about 20 CFM and 135 PSI, though I turned it down to 120 just to save power and reduce wear on the compressor itself. I only need 100 PSI or so anyway. It's a pretty big unit and runs off a 3/4 horse motor on 220 volts, but I wired it in on the same leg as my welder and mounted it in the corner of the shop, and run plastic air lines around the roof of the shop with drops where I need them, including out under the carport and next to the tractor shed, and across behind the barn to my brother's classic car shop. Didn't take long to do and wasn't very expensive, and it sure comes in handy! With a single ball valve on the compressor outlet, we can shut the whole system down when we're done to prevent any leakdown. We also added a hose reel with 100 feet of 3/8 air hose for airing up tires and blowing off equipment, or getting the impact wrench on implements and stuff. VERY handy!
We've had THREE portables; an old Sears one my Dad bought 35 years ago, which we nearly wore out, which I was going to rebuild when someone stole it. We also had a Ford portable compressor that we pretty much wore out, and a Sears oilless that lasted about two years and it was shot. This CH shop compressor should last a LONG time; I've already had it about 7-8 years and it hasn't missed a lick. For my part, a larger shop compressor is the best money spent in the long run. If you look you can find a really nice single or twin cylinder single stage for a good deal, and if you want a Cadillac compressor go with a dual stage (one cylinder draws in air, compresses it, and feeds that compressed air to a second cylinder to compress it AGAIN to get really high pressures) but for 90% of the stuff you'll do on a farm, a single stage is more than enough. Plastic tubing is cheap enough and the fittings are cheap to run air lines to wherever they're handy, and then use couplers to come off that with hoses/tools.
One other thing I find handy, is one of those little portable air tanks. Great for airing up tires in remote locations. I even picked up an old propane tank from a Farmall Super M at a tractor salvage, removed the valves, vented the tank with a low pressure blower for a few days, and then installed air fittings in place of the propane fittings and mounted it on an old golf cart axle with a tongue to hook it up behind the cart. Now I can take 20-30 gallons of air wherever I need it by just hitching up. It will provide enough air to run an impact wrench long enough to remove four wheels off an old car we were hauling for salvage. Works great. With a check valve installed on the inlet and a regular male quick-disconnect installed in the check valve, we can just pull up next to the air line on the shop, and plug the hose from the hose reel directly into the tank and refill it automatically. When it's full, unsnap the quick-connect and the valve pops shut, ready to head out to the field. We carry a 25 foot hose with quick connects that snaps onto a female quick-connect to provide air to the tools when we're in the field. Couldn't ask for much more!
Good luck, and remember, going too cheap now means you just get to spend it all over again and more besides in a few years! OL JR