How do you plan to control the pressure? Depending on how high you have the compressor set, you'll have (at least) 120 PSI coming out of that hose, and will need to greatly decrease that before it goes into the tank. I'm not familiar with any pressure reducers, although I'm sure they exist. However, what if it fails, and you're suddenly pumping 120 PSI air into the tank? I can see that being a problem. Not worth the bother IMO.
Get some good aquarium quality air pumps, and make your life easier.