Jeff ---
I went to Sears website -- a poor site at best when you're trying to find specifications... I finally found this info for the INGERSOL RAND 20 gallon 2 hp compressor... a similar version of what you were looking at:
Delivers 135 psi max with
5.5 cfm @ 90 psi.
Looking at Ingersol Rand air tools -- here's the air requirements:
IR DA sander - 17 CFM @ 90 psi
IR die grinder - 12 CFM @ 90 psi
A 20 gallon tank SOUNDS like a lot -- but it's really only good for maybe 3 or 4 minutes before the compressor kicks on - and then you'd be using 2 to 3 times what it can put out... so it can't catch up and you just run out of air....
I know this from experience! I finally gave the POS away and spent $2500 for a bottom of the line commercial unit.
TWO things I'd think about -- otherwise you're not going to be happy... Forget the compressor for now and buy ELECTRIC tools... there's lots of good electric hand tools around. They'd be a far better buy for you at this point on a budget - because instead of spending 500 on a tire inflator (all you'd get really) you could buy several good electric grinders - drills - impact wrench etc. #2 would be -- divorce -- marry a rich girl -- buy a serious compressor that will last you the rest of your life - and you'd be happy.
Just for instance -- here's only ONE angle die grinder I found -- it's a whopping $50 bucks and it's a name brand!
http://www.toolbarn.com/product/hitachi/G10SR3/