I've got that same compressor in my personal shop. Mine is about 14 years old now and due for a rebuild. Plan on picking up another one for home this spring. Pretty good price too! IICR it was around $1,400 new then. It's a stout compressor, and worth the extra money. I've ran it in shop temps over 120* for hours without a problem, kept up with all my tools as well.
Currently use a Campbell Hausfeld 30 gallon 5hp 5.7cfm at home it's ok, and I've prepped out a couple trucks for paint with it. Couldn't quite keep up with my mudhog though. It did keep up well with my Satas spraying a couple bumper jobs and hoods. It has plenty of time to recover between coats. But it's nowhere near big enough for what I'm going to need within the next few months. Never ran an impact on it though.
As for running 230V at home, my plan is to use the over circuit for mine if I can't get a new circuit ran specifically for my comp and welder. The dryer does run off the same voltage, but the breaker for the oven is rated at 40 amps whereas my dryer breaker is only rated at 30.