IMO: You need both electric and air as said. Air for blast cabinet, painting, die grinder, DA, small impact and blowing stuff off. (these are the basics.) Electric for large impact, cut off/4 1/2" grinder, drills, bench tools, (these are the basics.) If you are serious, you need a spring loaded hose reel and cord reel. Winding up hose and cord all the time will tire you out. In my opinion a minimum of a 5 HP, two stage, belt drive, 60 gal, vertical compressor. You will develop you own preference for which tools are better for air or elect. I find that the hose is a bother, oiling the tools a messy bother, running the compressor a bother, noisy compressor a bother, running out of air/power a bother, but stationary plumbed blast cabinet and iron pipe ports all over is handy (and you can fill up your tires anytime)
