Just to add some more advice. Besides the inspection, be sure to properly inventory and organize your parts. You will find this is a much better way to find things later than digging through parts lists to find bag numbers and then searching through bags to find the parts. I used plastic boxes with compartments and then used a label maker to label each little box.
Also, you're probably going to want a different (bigger and quieter) compressor than what you have. I started with the exact same one, because I didn't have 220V in my garage. There are better ones out there that run on 110V. I got a Harbor Freight 29 gallons, two stage, oiled, that's much quieter, although the best ones run on 220V.