Something to bear in mind if you're considering getting an oil-lubricated compressor ... unless you have a really good filter/oil-separator, the exhaust from your power tools will spray a mist of oil onto your workpieces.
For your size needs, go by the CFM (Cubic Feet per Minute) of the compressor at 90 PSI. A lot of compressors will state an impressive sounding CFM, but it's only that good at 40 PSI - and most tools
Air sanding tools need the highest CFM (6-8CFM@90PSI), followed by Grinders and HVLP. Air Ratchets, Nailers and Air-brushes have fairly low CFM requirements and will usually work fine at 50-90PSI.
Tank size is important, as you don't want to be running the compressor constantly. If you're running an air-tool at close to the max CFM of the compressor, then you'll need a bigger tank. As you read about compressors, you'll come across something called "duty cycle" - this is the amount of time a compressor should be spent charging the tank and sitting idle (while the contents of the tank is used).
When I bought mine, I imagined running everything off of it, so wanted one that could put out at least 6CFM@90PSI (enough to run a random orbit sander) ... but I didn't know enough and though the compressor I bought (a Craftsman 29GAL 6.8CFM@90PSI) could run the sander, the motor would have to come on every minute or so - which runs the compressor way beyond its duty-cycle and will wear it out very quickly. (Not to mention air tools need oiling - even if the compressor is oil-free - and they spray this oil over your work surface, so they're no good for working with wood or other porous materials).
Going back, I'd look for a compressor with a 10 or 12 GAL tank and around 4CFM@90PSI - though if there was a pancake compressor with a high enough duty cycle, that would be good enough too.
Steve