Well, a sheet of 1.0mm steel in NZ is about $50 from memory. Roof chops etc is a different matter when you require the curvature or are replacing a panel, I was assuming you wanted to patch generally. Old metal panels are just that - old. You may have time to strip and rust treat old panels, but nothing saves time or makes welding easier than using new steel. It's dirt cheap, but not free, so that's what I do. If I lived in the UK, I'd buy replacement panels, not cut up a fridge.
With regard the point about metal "aging" i.e. heating up etc - that applies to engine blocks, not panels.
In terms of compressors, all compressors need to be drained - the compressed air is laden with moisture, so the tank
will rust. You can minimise it by draining it regularly, but all tanks, no matter where you live, will rust internally. So the compressor's tank has a finite life. I have a chinese brand 3HP belt drive which is great and cheap. It keeps up with the tools when in use, isn't too big and noisy and if it fails, I'll buy another. I've bought some quality tools over the years, but they don't seem to be any more reliable than the cheaper versions, especially electric tools. They sometimes feel a bit better in use, but how much that's worth to you is down to you and your wallet. Incidentally, you might want to budget for a water trap to make your air tools last longer and make painting more reliable.
And as I've said before, check out the FAQ at
http://www.hotrodders.com - loads of advice on all aspects of body work (and heaps on US muscle cars if you're interested). This is mostly my 2 cents, though some (moisture in compressed air) is fact.