Valero - I hate to be the downer of the forum posters, but, why don't you save your money and spend it on parts for your truck.
If you are having trouble paying $500 for a compressor, you will have trouble buying accessories (sanders, air guns, hoses, etc.) for the compressor too. I think you would get further with your project with parts than you would buying big tools. Use the elbow grease instead of the compressor. You are also choosing one of the most expensive places to start when restoring if you are going to repaint it. Start with the mechanical and make it road worthy first.
I'm not trying to be a downer, but if you have to use credit to get some tools, maybe you should look into the costs of paints, primers, filler products and sand paper. Those things alone can cost three times as much (or more) than $500.
