You can safely add a hose reel like I did to my compressor. Just weld it on to the bracket that the compressor and motor are attached to or the handle bracket or strap it on, anything other than welding to the pressure boundary of the tank. You can weld to any bracket attachment, just stay away from the tank and make sure the electrical plug is not plugged in, sometimes the welding ground will backfeed through the ground wire.
If you are determined that you must weld on the tank, you should first bleed all the air out of it and leave the vent open. After welding you would need to pressure test it by filling it with water and bringing it to at least 1.5 times the max working pressure to feel save before compressing the air again. Since this takes some specialize equipment, not an advisable thing to do. I am a certified pressure welder and I know I could make a weld without damaging the tank, however, I still wouldnt weld to the tank at all as you just destroyed the certification on it when you weld to any part of the pressurized portion of the tank