Princess auto sells the unloader valves which also have a bowden cable which will go to the gas/diesel engines throttle. It will put the engine to idle and exhaust any air the compressor builds after a predetermined point is reached, then it will put the engine back to full rpm when the min pressure is reached. Check out any of the wheel barrow type portable compressors at princess and they will have this on them.
Look for one of the kohler or wisconsin engines on the end of grain augers. The augers often sell at auction for rediculously low prices (often $35 to 50, but I have seen them go for $5).
You may have to tinker a bit with the pulley sizes to get the proper rpm on the compressor head.
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