you really should run a blow off valve for safety sake and a check valve so you dont quickly wear out the compressor. Also the compressor needs to be lubricated as you will be loosing the lubrication when running an "open loop" system. This can be done by separating the oil that is added out of the charge line and feeding it back into the compressor or Sanden types can be modified to use hi temp grease.
Donny, what did you find (specs) for a pressure switch? I've never found anything that had the spec I was looking for (120psi on / 150psi off) for cheap.