How can it be a "ticking time bomb" if the air is already leaking out?
is there anybody that can honestly say they have first hand knowledge of a tank BLOWING UP?? I would think a rusted tank would be ultimetly safer than a non rusted tank, since in the case of being over pressurized it would simply blow out the rusted portion and leak air, rather than blowing up in a rain of pressurized steel shards, as we imagine it happening.
when I was younger ran Jeeps off road and we would use old A/C compressors and tanks to make on-board air set ups. i have seen 1 jeep mounted tank get punctured, and it didn't 'explode" but just leaked. Some guys even built heavy duty tube bumpers that they would use for air storage on their rigs.
i really think the "exploding" compressor tank is more of an urban legend, and the leaking tank is the real mode of failure, but thanks for the warning,