For decades I had an old 10 gallon tank, 1/3HP compressor. I rocked that for years with an inflator, blow gun, air hammer and air ratchet until 10 years ago got into air impacts. I found I had to replace some constrictive air fittings, then my impact started being useful. My 10gallon tank was (barely) enough to take all the lug nuts off my truck, if I was (very) judicious with the trigger. Then I had to wait for a refill.
Another plan was to take one side wheels off and run it down, then let it refill while moving wheels around, then do the other side.
If you want to get started in air tools on the cheap, my advice is to get as much tank as possible, with as big an oil lubricated compressor you can afford (or have an outlet for). If forced to choose, get the bigger tank. Do not trust the air fittings, particularly the air tank exhaust. Replace it with a Milton V.