I have had a cobbled together compressor for the last 15 years,. The 60 gal tank was given to me by a friend and the 3.5 Hp motor by another. I bought the exact compressor head you mentioned from Northern Tool, I have used it almost daily with no issues. Recently I upgraded to a larger 80 gal, 7.5 Hp, 2 stage compressor for the bigger shop I'm building. I passed the old cobbled unit on to a Friend and he is using it today.
For the money I would consider replacing the compressor head and continuing to use what you have, it has suited you for this long...