air compressor would be nice but certainly is not required. The Ky Piranha Patrol doesn't own a compressor. In the Lexington area of Ky the is a club by the name of the Bluegrass Dive Club. To the best of my knowledge they don't own a compressor. They buy gear from various LDS's in the area and arrange trips all over the world.
The Ky Piranha Patrol aka KPP is a loosely defined club i.e. no formal structure, no regularly scheduled meetings, no executive committee, etc etc.
The Bluegrass Dive Club has officers, meetings, committees etc, etc. They may also have written articles of incorporation or something similar that formalizes their existence.
Both clubs achieve their goals of having fun diving. Each may have its own advantages and disadvantages. Which is best for you is up to you and the buddies that want to set up the club.
GUNNER--you have kind of met the KPP here since we are based on this site. If you would like to check into the Bluegrass Dive Club I can get you the dates and times of their meetings. They always welcome visitors at their general meetings.