I have never owned a compressor without an air tank, but I would have
to say that you will run it to a situation when you'll notice the
pulsation.
For the few extra dollars I'd opt for the tank version of a compressor.
It serves two purposes, it reduces the pulsation and allows the
compressor to cycle off giving it time to cool down some. Heat shortens
the life of any engine, air compressors included.
Or you could always experiment with hose size. The longer and wider the
diameter the hose the less the pulsation noticed at the working end.
But then again, how much hose and the expense? Possibly 100' x 5/8'
hose and then adapters/reducers, etc...
Get the tank, you won't regret it.