BUT, per your stated requirements even the 3hp is enough for you.
I happen to have the 5hp model
He is talking about those 2 specific models here.
I deliberately avoided any mention of horsepower.
You can't take that 3hp or 5 hp rating to compare it against any other models by different manufacturers.
The air compressor (and now shop vac) companies are quoting some wacky calculation of peak horsepower to inflate the values
http://www.truetex.com/aircompressors.htm