Welcome, you just need a little patience to find a suitable O&R engine, one with a reduction gearbox output of 1700RPM or less and a clutch fitted, Model H or Type 195 would be good, but for some unknown reason the 900RPM Model J is far easier to find (maybe lots of never started or completed mini-bike projects ).
You may also find the Speedy Sprayer compressor needs servicing, they have a rubber diaphragm, I don't know what the filter is made from but it would be a good idea to replace it if it's aged badly & gone crumbly like the O&R air filters do.
Here is an exploded parts drawing of one of the Speedy Sprayers from another forum:
David