A lot of people replaced the electric motor on the compressor with something smaller and less thirsty, like a low draw 400 size motor.
The RCABS system mentioned in an earlier post, operates on a similar principle, albeit minus a bespoke reservoir.
It's on a smaller scale, which was made possible by the commercial availability of small inexpensive air pumps. These pumps simply weren't readily available until about ten years ago, so if you wanted one, you had to make it yourself which required workshop facilities, or have it made bespoke- which meant a lot of £££. Craycraft used to make a couple of small piston based pumps, which they used in their range of dive modules back in the day. Thirteen years ago, when Brian shut up shop, they cost about eighty quid.
Unsurprisingly, constructors of ballast systems for smaller boats leaned towards water pumps or gas (propel, freon etc.) which could be constructed from readily available parts without requiring precision tooling.