You can make a relatively low power compressor do a lot of work if you just insure it's got a good storage facility.
Look into buying a larger tank, or add a storage tank to whatever you do get. They are the lighter part of a typical compressor setup and don't really cost that much either, compared to the compressor itself.
With 120V/15A, you are pretty much limited to 5 HP (no matter what the spec claims).
If you own the property where it will be installed, you can also look at distributing the air around the shop with black pipe and it's relatively simple to incorporate water and oil filtration into the system. Minimizing hose length is tidy and efficient as hose tends to reduce available pressure (leaks, inside diameter affecting pressure, etc).
But every inch of distributing pipe is also additional storage, and it adds up pretty quick. A little rattle-can paint seals up pipe very well and looks the part.