Use of a C02 tank is not that uncommon. Just takes a regulator. I've contemplated a N2 tank to fill tires and power air tools at the track. Here's a
commercial setup.
Some air tools work fine from a small compressor. But continuous use tools or lots of continuous use will quickly deplete the air from the tank . Ditto for air guns. You can look at the SCFM rating for various tools and figure out based on the compressor rating and tank size how long you can run a tool. The Sears catalog had a decent matrix for this IIRC.