Use wiring for the larger load----50amp. Wire size is calced by the load, and distance. Go online for a wire sizing chart.
I would just install a 50 amp outlet, fit the same plug on the end of the cord for either unit, and plug in as needed. But, then, that is just me.
I am currently doing exactly this in my place, and had the same at the last house.
If you want to do it right, the compressor should be hard wired in, with its own breaker, and a shut off switch box.
You could also do a mixture of both, install a fixed wiring box for the compressor, and tap into it for a welder outlet box.
Just be sure not to have both running at the same time, or if you do plan on both running at the same time, you will need to upgrade the wiring to handle the total load.
The first setup is the simplest and cheapest.
Of course, if this is something you will need to have inspected ETC, then you will need to do it by the rules.
__________________
Mike Starkey
VAF 909
Rv-10, N210LM.
Flying as of 12/4/2010
Phase 1 done, 2/4/2011 
Sold after 240+ wonderful hours of flight.
"Flying the airplane is more important than radioing your plight to a person on the ground incapable of understanding or doing anything about it."
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