Is my compressor shot?

Will the motor run when not connected to the pump? I believe that the pressure switch that turns the motor on/off has an unload function to allow the motor to start. Might even have a check valve associated with it. Also, does it have a start capacitor? Definately check the tank for corrosion before putting too much money into it. Unfortunately my Craftsman from 1992 has rusted through. Might be my fault as I've never been good about keeping it drained. I hear you on the sentimental part.