It depends on the size of the compressor.
I have a Pac Brake exhaust brake that is powered by a small engine mounted electric compressor with an air tank. I can use this to fill the air bags on my trailer (Trail Air suspension and Pin Box). I was going to put bags on my truck before I bought the trailer, but the truck sits perfectly without them when loaded. I can also run air horns (which really get people to quit talking on their cell phones when they pull out in front of you).
The compressor itself is too small to inflate a truck tire, but it can do bicycle tires, air mattresses ,etc.
I've seen an engine mounted / engine driven air compressor on TDR (I think by Kilby?) that supposedly can inflate tires, too, but it requires some "adjustments" of things under the hood to fit. I don't know if they have such a kit for Fords.
Maybe someone else can chime in?
2004 Dodge 3500 4x4 DRW HO/6 SPD B&W+Companion, Prodigy, Line-X, Pac Brake