I use old regulators to run hand tools all the time. The average first stage will operate at 120-145psi and if the tools are compatible, go with it as the flow rate will be higher. Flow rate can be a problem with some tools, so avoid dropping the operating pressure unless you have to.
If the tools require a lower pressure, you will need to lower the pressure. This is easy to do with first stage with a adjustable spring pad like the Conshelf XII, XIV, etc. With most piston designs adjustment is also possible but not quite as easy as you just need to replace the mainspring with a lighter one that you can usually find at the local hardware store.
Once you solve the regulator problem you need a low pressure inflator. You will need a quick disconnect fitting designed to attach to 1/4 NPT accessories - like a conventional compressor air hose - and this should be stocked by most dive shops and if not in stock, they can order one through Trident.
If you are running a low pressure tool like a paint gun that also requires a fair amount of volume, you may need to add a header tank where the scuba tank/regulator feeds the header tank and the tool in turn draws the air from the tank. This lets the reg feed the tank constantly at the lower pressure required and allows the volume to recover between strokes. A small wal-mart type tank will be adequate