Need 240V in the shop, is it already in this OLD panel box?

cudascott said

#8 would get you a 50 amp breaker and a #6 would do 60 amp. You would need a 30 amp double pole breaker just to run your compressor that doesn’t leave anything for lights and receptacles.

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At minimum run #6 wire to match your 60 amp box then you should be able to have a 240 30 amp and two 20 amp circuits. I would go with #2 wire then you could have a 100 amp box for future needs. 100 amp box isn't very expensive. #2 wire though is very expensive. Good luck. Steve