Tools have differing air consumption requirements too. An air impact wrench up to 1/2" doesn't need a very big compressor at all as it's generally operated in short bursts of no longer than a few seconds each. Even the average pancake compressor would run that pretty easily. Even an air ratchet is ok on a small compressor as long as you are not constantly running the tool. Where you will run into trouble is when a tool is typically operated for more than a few seconds at a time. Die grinders, drills, angle grinders, spray guns, sanders, etc are all air hogs that require lots of air to operate well. Basic air tools that a DIY guy would find useful? Small air ratchet, 1/2" impact wrench, cut off tool, maybe an air hammer/chisel.
Agreed. Most DIY stuff a small 15 gallon compressor is adequate . If needs increase an extra charge tank hooked in line is often enough.
Good point. I've seen homemade shop setups where they just used 4" schedule 90 pipes up in the rafters for a storage tank.
I've got a small pancake from Harbor Freight that cost $40 with a coupon. I've been using it for a couple years mostly with a brad nailer and 18g stapler for beekeeping equipment as well as some stuff around the house and it has been fine. I'm sure there are better tools out there but IMO you need to way how much you will realistically use it vs what it is going to cost you. I know all about the price/size "creep" that that can happen when looking at tools. Buying used can be a good option but keep in mind it may cost you more than the initial outlay depending on how well it was cared for and how heavily it was used.
As above, just get a small pancake compressor. It will do everything you need plus be very portable, lightweight, cheaper, and take up less storage space. I started with an oilless 25 gallon compressor, devilbiss or whatever from Lowes. Still use it 15 years later. The only time I really exceed it's capacity is when I'm running a cutoff tool (like a dremel tool but cooler) or cleaning with air like blowing off work benches. In my big shop I planned on mounting a big stand up, 240 volt, monster compressor and plumbing in drops and outlets all over. When I get that I will dump the old 25 gallon oilless and buy a pancake. Roofing jobs, trim jobs, airing up tires. All way easier with a small compressor that you can drag around with you.