Alex,
I'll have to concur with some of the earlier comments.
Air receiver 'explosions' may be quite rare, in comparison to tank failure by simple leakage due to pitting, but they have happened, so the use of a known defective air tank represents an unacceptable risk.
A new ASME grade air receiver is 'cheap insurance', all things considered.
There is another safety issue with compressors which may be too easily forgotten, that being to throw the disconnect switch to 'off' when leaving the building for the day. There was a major fire in a plant here, some years ago, for which the probable cause was a 'freak accident'. The compressor had been left 'on' when the workers left at the end of the day, and, sometime during the night, the line pressure leaked down to the point at which the compressor started........or, rather, attempted to start.
The compressor malfunctioned, either seizing up due to some internal problem, or being unable to start due to an unloader malfunction, and its motor ran with the belts slipping. Eventually, the belts got so hot from friction that they threw small glowing or flaming particles of rubberised cord, which set light to some adjacent flammable material.
That may be an extremely 'long odds' situation, but its a good reminder to be certain that the compressor is turned off at its disconnect switch before leaving the building.
(I know of another instance in which an air hose which had been left connected to the air line blew out (old or cheap air hose, doubtless), sometime during a week-end. The shop owner had forgotten to turn off the compressor, and came back to the shop on Monday morning to find that his compressor had been running continuously for some great length of time.......the compressor had gotten pretty hot, running continuously, but, fortunately, after an oil change, was alright.)
cheers
Carla