davem, does the compressor motor have an overload contactor built into it? If not, you should really use a motor starter / contactor with overloads. You can use a 3-phase unit like
this one. and run one of the power leads in series through all 3 legs (Line in top of one leg, jump bottom of first leg to bottom of second leg, top of second leg to top of third leg and bottom of third leg to motor). That way the overload sensors see single phase full motor current.
I have a setup like this on my compressor and it works well. Use 1 size bigger wire than is recommended by NEC along with anti-oxidizing lube on the compression terminals. You will have a setup that will still be working when you are long gone and no worries about fires / lack of starting current, etc.