upgrading and fixing old italian silent oil compressor



hey guy's!
well after i sold my 22 y. old silent 3/4hp 24l compressor and tried those 1hp oiless silent (70db) compressor for a month i decided i want to go back to oil compressor so i did and found this one in the warehouse in the store that my dad bought my old one 22 y. ago.
i bought it only because i was missing air tank and i wanted to build home made compressor, the guy at the store said take the tank like this with all the part on it and take it apart your self.
after going home with it is saw it's just need new regulator and differentiol tuning and its working.
so the day after i tool the compressor apart draind the old oil, bought new mineral oil (this is r12 fridge compressor) cleaned it, also painted it in high temp durable paint, poured 250gr oil in it and let it work couple of times.
drained the oil again and poured the right amount of fresh oil in it.
also installed inline fridge dryer after compressor exit hose.
it goes up and 90 deg filter dryer and down to the tank.
so far so good but there are tow problems:
1- after the compressor filles the tank and stop working i get loud noise of air discharge, maye from the pressurestatt this is very loud and the girls are a sleep.
2- the air has very bad odor some of it is from the old oil.
i really wants to fix it maybe you guys have good in not high price on ebay?
the compressor has 35 db 11041293_1128028417210186_5532796728728218677_n.jpg12234907_1127406287272399_6143673858306825225_n.jpg 12246818_1127810260565335_44100448671171570_n.jpg 12274333_1127807843898910_4289695330296014449_n.jpg 12278788_1127787280567633_3732897816627266631_n.jpg 12289549_1127888243890870_1544211287421344685_n.jpg 12294907_1128385643841130_4779093467774085281_n.jpg