Stang, The first thing you need to do is a search on compressors here since this has been covered to death but in any event IGNORE those phony "peak" HP numbers, in fact ignore any HP numbers. HP and especially tank size mean ZILCH when choosing a compressor what you need to look at is CFM because that is what counts and a big tank, while it may look impressive, will not help to run your tools if the CFM is not there. You will need a minimum of 12 CFM to run a DA sander, HVLP paint gun, grinder, etc. and you probably will not be satisfied with that since you will spend a lot of time waiting on it to recharge so if you can afford it try and get at least 15-18 CFM. You can "get by" with a single stage but a two stage is a LOT better just more costly and don't even look at a direct drive oiless unit. Do that search since there is a lot to know before shopping for a compressor and most companies play on the fact that a lot of people simply do not have a good understanding of air systems and so they resort to misleading and sometimes downright fraudulent sales tactics and numbers designed to make someone think he is getting more compressor than he really is.(Craftsman being as bad any of them)
If you do buy at sears you can sometimes get a good deal on Ingersoll Rand units which are top of the line compressors that will last a long time. Whatever you buy just remember all of your air tools are worthless without enough air and the compressor market is literally awash with junk so do your homework before you spend your money since the compressor will be the most important tool in your shop.
HP numbers and a big tank DO NOT make a big compressor!!!!