Let me make one correction to my previous post. Rust is a mixture of many oxides of iron. The most common is Fe2O3, which means that the molar binding ratio is 2*26:3*8 = 52:24 = 2.2. So to consume 0.5lb of O2, you only need about 1lb of Fe.
I don't know where you got the idea that corrosion is self sealing. Rust is very porous. It certainly doesn't make an effective barrier to oxygen. Yes, we do seem to be posting past each other. But to answer your question, yes I believe that you can corrode a pound of iron if a tank which has moisture in it sits for several years. I have seen old pieces of metal corrode away entirely. Besides, if the tank is under pressure it will accelerate the corrosion.
Let me summarize where we agree and where we disagree.
1. We agree that it doesn't take most or all of the tank to corrode before it becomes unsafe.
2. We agree that clean tank will likely have no problem for long periods of storage.
3. We agree that for a tank to become unsafe, it would have to be misused pretty badly.
Where we seem to disagree is that for a 5$ air fill, I would toss air that is over a year old, whereas you would take your chances. Why don't we leave it as we agree to disagree. Besides, the next time I am at a university library I will try to look up the article in the "JOURNAL OF FORENSIC SCIENCES" which appears to describe an actual fatality.