Is my compressor shot?

Hi all, not sure if my compressor is "done"?? A couple issues it has,
1. oil leak on pump itself appears to be coming from top cyl gasket.
2. Motor has a reset button on it that keeps tripping.
3. Should the pump itself have "compression" when turning over by hand? My memory is telling me that it used to?
Heres my dilemna, it's a good compressor or WAS. 2001 Husky from Home Depot(made by CH) 230v 60 gallon 2 cyl. 1st signs of a problem were the reset breaker on the motor itself would trip every once in a while and eventually got more frequent. I thought the motor was toast so I went to pull the motor and noticed a shitty connection on the Condor pressure switch. One of the tabs were broke. I was thinking perfect, cheaper fix than new motor. Went to Princess Auto and bought new switch for $50. Came home and wired it in. The reset/breaker on motor still trips....go figure. I quickly checked motors while at PA. And I can get a Chinese one for around $200. PA has a great return/customer service policy so not necessarily concerned about warranty.
Shaft on motor spins freely but i can hear slight "scrubbing " inside when I spin by hand.
I dont want to go buy a $200 motor on top of $50 psi switch I bought to find out the pump is shot also? Should it build ompression/pressure when turning over by hand? Then, the entire unit is 20 years old, so I'm concerned with tank corrosion also. New compressor definitely isnt in the budget but dont want to sink $$ into a 20 yr old compressor that MAY not work.
Sentimental value as Dad gave it to me 10 years ago, he bought it new.
Thanks
Steve

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