why would you run mobil 1? It's an AC compressor, so I'd run Ester 100 or PAG 150, since thats what it was designed to use. As far as the air tank, I don't see why not, but make it a good tank, make sure you have a pressure release valve on it. If you get in a wreck, she could blow. Shrapnel from an 1/8" 175PSI tank doesn't sound fun.
