if it's on a tank, just time it to fill the tank. i.e. an 80g tank is 10.69cf, 100psi=6.9bar, so 74cf at 100psi. Time how long it takes to get there and you get cfm.
If it's a true 3hp motor though, it should be doing 10-12cfm though. That said, you can't run a 3hp motor on a normal wall outlet since the amp draw is going to be close to double what a normal wall circuit can do, so there is that to consider.
17.6a on 120v is around 3hp, but that means the motor is consuming about 3hp, not making about 3hp which is irritating. Realistically it means it will be around 60% efficient, so making around 1.8hp maybe 2? Either way that should still be around 8cfm.
If the motor is turning properly and it the compressor RPM is to spec, then any drop in CFM is going to be due to leaks somewhere. Usually in the valves.