I agree with your reasoning that the thickness may have surpassed the corrosion allowance of the tank and not knowing the construction material is of concern. Still I personally would proceed with a hydrostatic test for my own assurance as you have stated 1.5 X the 130 psig with a calibrated gauge.
Our facility is fortunate to have UT to check the remaining thickness of "used" pressure vessels.
I may have spoken too quickly in that I have never seen, heard of, or dealt with a compressed air tank constructed to VIII Div 1. However, any type of tank or vessel may be built to the Section VIII Div 1 code, even a steel coffee cup.
ASME Section VIII Div 1 is Rules for Construction of Pressure Vessels and the Introduction states that hydraulic and pneumatic cylinders are not included in the scope of this Division. Sec VIII Div 1 primarily deals with steam retaining vessels, heat exchangers, condensate flash tanks, fired boilers, and some hydropneumatic tanks, etc..
Air receivers, vacuum tanks, surge arrester tanks, air surge tanks, expansion tanks, air separators are also not included in the VIII Div 1 scope. When these types of tanks are constructed, many Engineers rely on Sec II for (applicable Part A or B) material specifications & properties along with (Part C) Specifications for Welding Rods, Electrodes, and Filler Metals.
Compressed air tanks can be fabricated to API, NFPA-22, AWWA-D100, UL-58, UL-142, UL-1746 and UL-2085, including ASME.
Robert P.