New Compressor questions

Being oil free is not a good thing. They tend to be VERY LOUD so you might want to go get some ear muffs or put it outside. My experience with something that small is it is pretty much useless, except for perhaps filling tires. Air tools require a good size tank and a pretty decent amount of air flow. Last small tank, lower cfm compressor I had, which had a bigger tank and more air flow than yours, I ended up destroying the compressor unit using my plasma cutter with it. I was removing all the rivets form a truck frame for an off road project with the plasma cutter, the compressor was keeping up, but never shutting off. I was to busy doing what I was doing to care much about the compressor until the plasma cutter quit. Went into the garage, the internals of the pump were scattered on the floor and the oil from the compressor was dripping off the ceiling. You will not have the oil dripping problem but it will probably not take any amount of time for the thing to grenade. Good Luck.