Well, this thread has inspired me to tear into my MV-50 and start rebuilding it. I won't dig into the compressor head/valve quite yet, instead focusing on getting the electrical a touch more robust first before deciding if I want to hard mount it into the jeep or keep it portable. If I hard mount it I'd do a small tank and stuff, then upgrading the compressor when it dies.
I needed an air compressor to fit into a .30 caliber ammo can for better, non-permanent, in-vehicle storage (...found that a long wire stores better/more compactly than a long hose and the voltage at the battery with the vehicle running more than makes up for any voltage drop due to wire length);
Essentially I removed the rectangular red body cover, and handle then modified the head by tapping one of the holes for a T to keep the hose and gauge over the body... plugged the hole on the side of the head & installed a short rubber hose... the filter is separate, installed prior to use. ...electrically I extended the wire (12 ga.) and installed some better battery clamps.
I have no intention of porting it or modifying the valves (given that the tire valve itself will always be the biggest restriction to flow, I don't see worthwhile gains); but have a slight issue with the design/fitment of the cylinder to the heat sink fit (excessive gap, potentially leading to eventual overheating) but expect that it will work for light duty tire airing.
I don't see any need for a tank for compact portable compressors used only to inflate tires.... for me portability and compactness is a primary concern on the Jeep TJ.