Many thanks for all the replies and observations.
The remote siting is to avoid noise nuisance – for my neighbours as well as me. Putting the compressor on the outside wall of the workshop will be close to my neighbour, and even in a cabinet will cause a noise nuisance.
I would prefer a fixed installation if possible, rather than wheeling out a compressor or an airline reel every time I need a quick blast of air, or to inflate a tyre. It might be raining, and I want to avoid having to trudge across a wet lawn. My thinking would be to have the electrical supply to the compressor switched from the workshop, so I just walk in to the workshop via the internal door, switch on the lights and the compressor and I am ready to go.
I had not thought about condensation.
I could of course use battery tools instead, but they can be very expensive and it would be nice to be able to have a blow nozzle and a tyre inflator, so an air system seemed like a better option, but perhaps not.
Anyway, thank you all for your time. Food for thought.