>*I think* the area most vulnerable to rust would be along the bottom, where the water collects...
Generally, yes, because rust/sludge trap the water there when you drain down the tank and keep it wet.
But another thing to look for is carbon or oil, when compressors get old and tired, they leak oil past the rings, the oil goes into the tank. Compressor oil has a high flash point, but motor oil doesn't, and you don't know the history of the machine, if some klutz was putting motor oil it , it can create a flash/explosion hazard also. (Old machines are fun, but they can be a little scary too , A millwright I know told me he saw an IR compressor blow the head off and send it through a wall for no apparent reason whatsoever....so check out the compressor also )
The plugs aren't coming out, trust me ;P
OK, since you probably are as stubborn as I am, Ponder: the tank has been expanding and contracting lengthwise as it fills up and empties out , for the last 70 years, the plugs are not round any more...