I'm assuming you mean there has been a failure of/at the weld between the tank and the nut used to mount the regulator. If so, how old is the compressor? If new, complain to the manufacturer and _maybe_ you can get relief. If old, it may be an early indication of water/rust on the inside of the tank.
Best would be, of course, to repair it if you're handy w/ and have the facilities to weld it.
Depending on the size of the hole and whether it is just a minute weld imperfection that has failed and not a larger corrosion area that has "thin-walled" the tank so it's getting ready to leg go in a larger area, you may be able to get by w/ an epoxy. I'd probably look at one of the "metal-weld" types (and make sure this area isn't pointing out into the shop where if it lets go it isn't aiming at me)....
If it's and old unit and there's an indication of rust or water accumulation, consider a new tank is in your future, probably.
I would not fancy a regulator fired across the shop if the whole thing seperates. (I dont know if that would happen at 120 psi or if it just goes poffff)
reweld and tank seal by a licensed pressure vessel welder might be an option
If its a real small leak, it's not really worth the effort. Mine will depressurize overnight, and has for years.
If a 4' cheater pipe on your wrench won't work, if its just a small leak around the threads but it is too rusted to get off, something like JBWeld might buy you some time to shop.
I understand it gets thinner when warm, and pulling a SMALL vacuum on the tank (vacuum cleaner on drain line, maybe?) may help draw it in like a thread sealant / pipe dope. I also understand that you would never get it off.
I've even seen paint work. Tank must be depressurized, of course.
If you think there's been any damage beyond what teflon tape would cure if you could get it off, start shopping now.
You pay for the handling one way or another -- either as a separate fee (like Harbor Freight), or as combined "shipping and handling", or in the form of higher prices.
All other things (such as delivery schedules, return policies, etc) being equal, the only thing that matters is the total price. How it's broken out should make no difference.
If the tank is old, it's time to replace it just for safety sake. When one leak starts chances are another will develop. Anyway, if you still want to try a sealant consider JBWeld (available most hw stores, Lowes or BORG).
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