I wouldn't recommend drilling any holes in an air tank as the potential for bursting is increased if there are any defects from the hole you made.
Actually it is best to have 5 holes in a tank: Inlet, outlet, tank pressure gauge, draincock, and safety pop-off valve.
I don't know if that idea will work anyhow as the T-fitting cannot be taking air in and putting air out at the same time from the same hole can it?
Why not buy a small air tank made for 4x4 trucks and use that?
That is what I did with the compressor I made from a 1/2 hp Jun-Air silent compressor.
This is the 5-gallon one I used for my setup:
You can buy a 3 gallon one for about $40.
Mike
“Wisdom is the right use of knowledge. To know is not
to be wise. Many men know a great deal, and are all the greater fools
for it. There is no fool so great a fool as a knowing fool. But to know
how to use knowledge is to have wisdom. " Charles Spurgeon