It is a very good idea and I know that some guys have done this. Biggest thing is piping into the garage. Some just use air hose,some use Galvanized pipe. If I was going to do this I would have a insulated room, I would use at least 1/2" compressor line ( depending on the length) not so many connections and easy to work it around corners. I would have a access door at every fitting. I would make sure I have a outlet on each wall. Less noise and frees up space.