Hacksaw,
go with the first photo…..
done something similar but with a Lister Diesel…….on the outlet pipe from the comp I used a lever type ball valve (couple of quid from the likes of Screwfix) to dump air for start up……..do what "not dun it yeti' sorry, says, go for the old style cast iron compressor, mine is over 50 years old and nice and quiet…..elec driven tho……
as for the Honda engine, that's if u go that route….
2 things, if it doesn't say "made in Japan" don't buy it…it'll be a Europeam made peice of crap, loads'a problems with carb's and pistons…..always thowing them away here in France…..and for a new copy replacement Honda, u can get small 1 for around a €100'ish, this is a Cjinese copy engine complete that are excellent value and do last…I think the GX160 larger eng is about 150-160……use them quite often as replacements for mowers and w/pumps………in fact my power washer has 1 (machine bought new) and that works hard and is now 5 years old……
just saying Clogs