I need some air compressor schooling

More info...it half melted one of the prongs on the plug. This is a 110. I was using a very heavy 1 ft extension with three outlets, I suspect that may have been the culprit and already threw it away...it and the compressor plug got a bit melty. The pump/motor is probably ok, but I think I'm going to upgrade anyway. This one has served me well for many years but it's noisy and a little more power wouldn't hurt.

Not really looking to go out and buy a whole new setup. I saw a guy that took one similar to mine and removed the oil-less motor, replaced it with a twin piston pump and 5 HP motor for a couple hundred bucks. I'd like to do something similar. This one ran a LOT and I'm guessing the CFM/HP rating is not quite accurate. At all.

I installed a 220v in the garage already for my welder, so I can use that outlet and go 220v on the compressor also (I only need one at a time, it's just me here). I really don't want a bigger tank at this time, if only because I need to move it from time to time.