Les, just think of it as current and volts but air instead of electricity. That's all. psi is the pressure of the air (or push like volts) and cfm is the flow or volume (like amps). The bore of the pipe, like cable is the resistance It's the difference between blowing down a toilet roll tube and a drinking straw.
You can have massively high pressure but with virtually no volume (thumb over the end of the garden hose stuff) or loads of flow, but no pressure (thumb OFF the garden hose)
Or if like you, you buy something nice you can get high pressure, high flow.
These little compressors blow on the upstroke, a valve closes, they draw new air in and blow again. So you get a pulse of air. If you fit a tank, this gives you a collector which damps out that pulse as you are not drawing from the pump, but the cylinder. If you have TWO BLOODY POSH PUMPS then effectively you damp the pulse even more. If you could get one to blow while the other is pulling in air then you'd get no pulse at all. But that's not going to happen.
Paul is right about hose pressure, but the point is that little pumps will NOT stand that back pressure. You will bust them if you run them with a closed chuck.
Chris