Home depot won't let me link my compressor info, but I have the 2hp running 26 gal oil lubed belt driven compressor. Get the biggest tank you can afford. I can run a sander, or die grinder constantly but the pump will be on most the time. Impact wrench is fine because it's intermitant use, and I got a paint gun rated for my compressors cfm so it will work fine constantly. Overall, the compressor is perfect for my needs because I don't use it all the time. It can get any job done that I need, just make sure the tools you get match the cfm of your compressor.
You should look on craigslist in your area for a used compressor, thats how i got mine for $100.