The air that comes out of my 58 year old compressor is definitely unsuitable for breathing. This compressor may not be representative, for obvious reasons.
In any case, I would try to put at least two filters in the air line to be on the safe side. If the air does not smell after filteriing, I would use it. as there are many cheap sources of breathing air, there is no sense to use anything substandard.
** Sent from my Google phone ** I apologize for any typos ** i