For once on this forum I can answer a question in my area of expertise - among other things, I inspect pressure vessels for a living.
Before you pitch the tank:
1. Drain & open the tank. Remove the bottom drain valve.
2. Buy a cheap borescope (endoscope) from Amazon that works with your phone. Maybe $15 and useful around the shop for other stuff.
3. Insert the borescope through one of the ports and examine the bottom head.
4a. If minor to moderate surface corrosion, then move on to step 5.
4b. If very heavy scale, wash the tank out. Use a mild citric acid like Lemishine (dishwashing stuff) and let it soak for a while then flush with water.
4c. Heavy pitting under the scale? Pitch the tank. Torch a hole in the side and scrap it so someone else doesn't mistake it for a good vessel. Or turn it in to a BBQ or lawn roller.
5. If it passes the visual inspection you can move on to a hydrostatic test.
6. You can do it yourself if you have a pump that'll go to about 250psig, but I wouldn't recommend it unless you have a bit of training and can install an appropriatly sized pressure relief valve.
7. Pay someone to hydro the tank in place. Every jurisdiction requires a hydro to be done periodically on propane tanks and fire extinguishers. Find a local service provider and get a quote to hydro the tank in place - you'll supply and dispose of the test fluid (water) and they'll hydro it to 1.5x the Maximum Allowable Working Pressure (MAWP) on the National Board data plate.
ALL compressor tanks have a data plate or the MAWP stamped right on the tank shell.
8. If you can't find the data plate, or it's illegible they won't do it. Pitch the tank.
9. The compressor will have to be disconnected from the tank but not removed, and you'll need to supply plugs for any ports not used during the test. Or tell the tester ahead of time all the opening sizes and they'll bring what they need.
10. Passes hydro? Keep the tank, install an auto drain ($35 from Amazon), and sleep well.
If it passes hydro and you're still worried because there's pits - you can pay someone to do an ultrasonic thickness test on the bottom head. Even then you'll need to do some research to figure out minimum thickness for the rated pressure/temp of the vessel. And the UT exam will likely exceed the cost of a new 80 gallon unless you find a tame NDT technician who will work for beer. Most of them will do stuff like that for free(ish), but making contact with them in a way so their office managers don't find out is the tricky bit.
(Bonus) Really want to keep a tank happy for a long time? Install an after-cooler (transmission cooler) between the compressor outlet and the tank. This will not result in really dry air needed for painting and plasma cutters, but it'll remove the bulk of the water before it even gets in the tank.
And yes,
all else being equal vertical tanks tend to corrode less than horizontal. Water drains out of them better than horizontal tanks as it's almost impossible to install a horizontal exactly level. If the tank isn't level there will be a heel of water perpetually at one end chewing away at the tank. This does not, of course, take in to account failure to drain the tank, fabrication errors (drain bung protruding in to the shell or head) or similar deficiencies on both vertical and horizontal vessels.
I notice that even after a month or two there seems to be a wetness under the tank where the valve is. You think that mean there is still water in it evaporating or dripping out still? Do you think it is ok to leave the valve open until i use it again ?
What's happening is that the tank is 'breathing'. You drain the tank - most of the water is out - and leave the valve open. As the tank warms during the day and cools at night - normal temp changes - it sucks air in through the open valve as it's cooling off. Moisture in the air condenses in the tank in the evening when the tank is at or below the dew point (inside the tank). Result - drip, drip, drip, plus extra oxygen every time it sucks fresh air in. Steel + H20 + O2 = corrosion.
So drain the tank and close the valve.
-Ralph