Guys, guys...
I think one should start from scratch here, in order to avoid any misconception that might be proven dangerous (not to mention potentially fatal) under certain circumstances...
So let's examine some facts, to begin with:
1. I understand that nclay owns a 20 lt (5 gallons) regular air tank that can stand 8 atm (125 psi) of pressure, which happens to be the maximum pressure (safety-wise) that any regular air tank can stand.
2. Now, given the above, nclay wants to know:
(a) how long would this tank last, filled with air at 125 psi (tank pressure) if a regulated 30 psi output pressure is required?
(b) would he have better results filling his tank with CO2 instead of air?
The answer to these questions follows:
(a) the above tank filled with air at 125 psi, would only last for a few minutes.
(b) filling the above air tank with CO2 instead of air, would make no difference at all (as I've already stated in my previous reply in this thread), simply because at 125 psi CO2 retains its gaseous form, which in turn means that it would yield the same volume of uncompressed gas, as normal air would. (ok, ok, I know CO2 is a bit denser than air but that doesn't count in practical terms)...
3. CO2 is NOT a liquid (as I read somewhere in this thread)!!! It is a gas in its natural form. It liquifies, however, at 75.27 atm (1106 psi) provided that its critical temperature of 31 C (degrees Celsius) is also maintained. (This means that above 31 C, the CO2 cannot be liquified by pressure alone, and at 31 C, 75.27atm pressure is needed to establish an equilibrium of liquid/vapor). And this also goes to show the obvious reason why one cannot use a regular air tank for storing liquified CO2 which needs to be kept at roughly 10 times more pressure (1106 psi) compared to 125 psi that a regular air tank would normally stand before going ...grenade...
4. A 20 lt (5 gallons) dedicated CO2 tank at 75.27 atm (1106 psi) would last a lot longer than, say, an equivalent 20 lt (5 gallons) scuba diving tank which can hold up to 3 cubic meters (3000 lt or 750 gallons) of air at 200 atm (2900 psi). That is, the above CO2 tank would last 10 to 15 hours, compared to the equivalent scuba diving tank which would last only for a couple of hours (provided that, in both cases, the output pressure would be regulated at 30 psi).
5. As far as safety is concerned, if I were to use CO2 for powering my airbrush, I would go for nothing less than a heavy duty industrial type CO2 tank and regulator, and I'd always keep it securely fastened to a wall. Any compressed gas cylinder is to be considered as a potential rocket. Should the cylinder fall down accidentally and the neck or valve is damaged, the cylinder would behave and act like a steel balloon with its neck untied. I believe you've got the picture, no need to say more on that...
6. Now, about the cost... A 20lb CO2 tank costs about 130 - 150 US$/Euros to purchase or 50 - 60 US$/Euros per year to lease. A regulator costs 50 - 70 US$/Euros, but they don't lease those. You would also have to spend 20 - 30 US$/Euros for each refill.
CONCLUSION: Hmmm... This all sums up for CO2 to not being so simple nor so cheap a source as one would initially think, don't you agree? I mean, purchasing an air compressor might be proven as a substantially cheaper solution in the long run. Not to mention running out of CO2 on Saturday evening... Think about it... On the other hand, the CO2 tank method is quiet, it provides constant pressure, no surges, or declining pressure as the tank bleeds dry. No need for a water trap, especially in the summer. It is also self-contained, no need to plug it in, it can be carried from one place to another very easily, it is clean, quiet, and reliable. Provided, of course, that common sense is used at all times.
Come to think of it fellows, this thread turned out to be pretty "technical" after all, following nclay's simple initial question about his air tank's capabilities and potentials... Anyway, I believe that it doesn't do any harm going back to the gone-but-not-forgotten college stuff from time to time (even if College goes back a long time ago; some 25 years in my case...)
You should also bear in mind that I don't major in this stuff. I get my bread on the table being an attorney at law...