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So long as the bottom of the tank isn't rusting and the compressor he has is large enough -
Rebuild (or pay someone to rebuild) the compressor head. Renew the control parts. Install an automatic drain.
In the future - be sure it's draining. Change the oil regularly.
Then you have plenty of money left over for other toys.
If your current unit is to small or has a rusty tank - I'm interested in the answers as well. My current compressor is to small. Every "classic" compressor I've tried to buy has had a rotten tank.
I do have 3 great compressor heads (2 rebuilt), but no tanks to use them with.
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