Thanks, D.A.T I feel better now that I looked at the welds, and the paint is good at the welds.Your air tank was designed and manufactured by Manchester Tank with low carbon steels with the ability of those steels to be stressed at -20F to 600F in operation at 200 psi. It had a safety factor of 400% when made. It was hydrotested when new to 300psi as well to verify its integrity. Provided your air tank has not had appreciable internal corrosion the likelihood of thinning of the shell and the bottom domed "head" is low. The thickness of your 24" diameter tank shell is about 3/16"--the heads slightly thinner. Your tag states "SH .184 and HD .149". Those are the minimum thicknesses below which the tank shell and heads is no longer legally usable when used commercially. Since no insurance company writes casualty policies for them in a residentially zoned property the liability is wholly the property owners in the event of rupture or explosion. They gave the user little corrosion allowance for service life. These material thicknesses in those carbon steels used don't really factor in much with brittle fracture when temps are what you are experiencing in the 20's F range. Fatigue problems with these materials on an air compressor with cycling are the fillet welds cracking where the top plate welds to the head and same for the leg or skirt attachment on the bottom. If you can see paint chipping off in these areas that's generally a sign to investigate some more. Fatigue with respect to the air tank is based on 10 million alternating pressure cycles evenly applied--something unlikely to be experienced unless your compressor is not well attached to a foundation or there is some kind of severe vibration.
My guess is your hard starts are electrical not pump oil related --did you use 6 gauge wire from the panel to the outside locked out box to isolate the compressor from the panel?.......Capacitors on 5 to 10 hp single phase motors used for the starting windings in the motor draw huge currents in relation to the running current even at ambient temperatures. Drop the temps low and often that is an issue.
Many users at the end of a day--lock out the compressor electrically at the isolating box--drain any hard plumbed the airlines-- if any-- to depressurize them and then open the bottom drain on the tank and leave it open. Tanks with skirts rather than Indvidual legs usually get set-up with an auto drain since it is hard to access the bottom head drain once the unit is bolted down to the concrete pad.
Im starting the compressor daily since I changed the oil and run it from 6 to 7 am to 2pm daily. The OW40 has stopped all all laboring and belt noise when cold. I think I had put 15w50 in last time because I did the change the same day changed the tbird oil.