AirHogs had some toy planes out in the late 90's that worked that way and motor wise, they ran pretty good for a tiny, clear plastic, single cylinder , backwards air compressor. If you had one fully aired up and just let it loose (it had no obvious form of mechanical throttle), they would try to pull themselves out of your hand if you didn't have a good enough grip on them and had a pretty aggressive sounding "exhaust note" (sorry, don't even know what that should be called) that sounded a bit "chopperish"! I think to make a street car out of the concept would require a car about the size of a Geo or Nash Metro with an insanely aerodynamic body and as mechanically efficent as possible, with the biggest airtank(s) that will fit under it.