Yep should work fine. If you buy a good pressure switch they will handle a 3hp motor fine and you won't need a contactor. One plus with a divorced receiver tank is that that the motor/pump cannot use the tank as an sound amplifier. What do you have in mind for a pump? A 30 gallon tank is not very big for a true 10cfm@175 psi compressor, but you can always add more tanks as you find them.
You are aiming for longest run time/least starts for recovery. My 5 hp 18 cfm Quincy I assembled from parts, cuts in at 135 and shuts down at 180 psi on an 80 gallon tank so it gets warm enough to evaporate any moisture in the head/valves, or I switch it to run/unload continuously if blasting ect.