My understanding is no, it would act like a cheap tire pump by itself, turn it on and you get some pressure to fill up tires, not a lot but enough to do the job without having to carry extra tools. If you add a tank then yes you would need something to bleed off pressure before the tank blows.
No. Oiler and filter on intake side. Fitting on output. Nerf bars and bumpers become storage tanks. Use factory a.c. switch or new switch to cycle the pump. Rock jockeys have been doing it for years. Vane type pumps aren't the best but they work as long as they have oil. The hot shit setup is to use a york a.c. pump but what you have will work well as long as you supply oil to it. A.c. pump doesn't care what kind of gas it compresses air or Freon it's all the same. You will be the Baja hero if you can fill tires.
This is what I love about off road. I can steal from other forms of motorsport. If you really want to shit your pants look at what you can do with a premier power welder and the alternator that comes with it. Also look into a Honeywell 12v to 110v 15amp generator. You will never go hungry for power.