The real question is whether the compressor has a tank. If so, the requirement of the impact wrench can be met without the capability of the compressor via the use of the air in the tank. Naturally, the tank pressure will drop, but, you'll only need full pressure for two seconds to break the nut loose.

The 3/8" hose will limit the airflow somewhat and the wrench won't develop the rated torque.........not much you can do about that.

I might heat the studs if the ends are exposed. They'll lengthen slightly and the clamping force from the nuts will drop dramatically.