Here are my options:
Compressor in first-floor storage room, which is about 12-15 feet away from service panel, which is directly below this room in the basement. Compressor would then be about 90-100 feet from car/work area and I would run the air hose out the window.
Compressor in first-floor side entry way, about 35-40 feet from service panel in basement. Might have to drill holes to run the wire, or run it along the walls, which could add another 20 feet to the length, unless I ran the wire through the middle of the floor and not along the wall. Compressor would then be about 60-70 feet from car/work area.
The Haynes tool book which I read said in situations like this where the work area is far from the service panel, it is always preferable to put the compressor as close to the panel as possible, since otherwise there will be voltage drops and you could trip a breaker or cause a temporary brown out. Also, I have used 50 ' air hoses in the past at school, with no noticeable air power loss, so I can't imagine 100' of air hose would make much difference, right?
Also, what type wire should I use to connect to the service panel? 8 gauge? And what size breaker? 50 amp? Do I have to ground the compressor, since the house outlets are not grounded right now, since it is over 100 years old! I assume the service panel is not grounded as well, so grounding wouldn't give any benefit, would it? I know the house can run 240 volt appliances, since there are 240 volt outlets for a dryer, and the range and furnace are also hard-wired. And both of those are about 35-40 feet from the service panel.