Check the horsepower and CFM. Tank size is of little importance, although most people tend to equate a huge tank with a "big" air compressor. What really matter are the motor and pump.
I would say if your compressor is at least 1.5 - 2.0 HP and 4 CFM you should be good. Again, the air consumption is intermittent. I am sure you can't run a 1/2" impact at 100% duty cycle with that compressor (I can't with my 3.0 HP unit either), but you don't need to.
The CFM ratings of impact wrenches should be taken with a grain of salt, as there is an assumption of duty cycle.
Although I have heard good things about the Harbor Freight Earthquake, I use and like the classic Ingersol-Rand IR231C.
Edit: One detail that can make quite a difference in air flow is to standardize on the 3/8" ID quick disconnects (instead of the usual 1/4") and a 1/2" ID hose. This greatly reduces frictional losses and improves flow to the tool. Naturally, you won't find these fittings at Home Cheapo.