Just curious, do you have room in your shop for a small sound-insulated closet or box, perhaps mounted on a wall? If so, that could be a nice long-term solution to the noise.
When I built my shop I included a 4x8' closet to house both my compressor (5hp 60gal Ingersoll Rand) and the dust collector (5hp ClearVue cyclone). The cyclone, for example, is a real screamer but when it's running I can hear a spoken whisper outside the closet. The compressor is also very quiet.
Note there are ways to build a sound-reduction enclosure that work much better than others, for one example, using staggered stud walls with insulation woven between the studs. This prevents direct sound transmission through the walls.
For my permanent sound-insulated closet, I powered the compressor with a switch outside the closet and piped the compressed air through the wall into the main shop for filtering, moisture removal, pressure regulation, and distribution to multiple outlets in and outside the shop.
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Of course, all this may not apply to your situation, but sound from a smaller compressor could be easily reduced by building a simple insulated box around it.
JKJ