After investigating the options available and the possible installation locations, I decided on a compressor kit from Melbourne company Air On Board, comprising a 12v electric air compressor, 6-port aluminium manifold and 4-litre air tank.
The compressor features a 100% duty cycle and 1.4cfm output, but is small enough to fit into the rather cramped engine bay of the 200. This makes it excellent for general tyre inflation, running tools and inflating airbag suspension. AOB also sell a range of 5-8cfm engine driven compressors if you really need high volume, but at the time of writing they don't have a fitting kit available for the 1VD-FTV engine.
The compressor is installed on custom fabricated brackets, on the right side of the engine bay against the firewall. There are detailed bracket designs given below. The excellent 6-port aluminium manifold bolts on to the top of the compressor, and is currently fitted with the pressure gauge, pressure switch and air bleed fitting, which are all included as part of the kit. I've also added my preferred Jamec-Pem air fittings for accessories, and run a permanent air line from a press-in fitting back to the reservoir.
The 4-litre air reservoir tank fits very neatly against the chassis rail inside the wing of the rear bumper. Rather than drill holes in the chassis and use the tank's standard brackets, I decided to weld the tank to a 2mm steel plate, then bolt that plate into existing welded/captive nuts already in the chassis rail. It's up out of harm's way, but still provides easy access for bleeding.
The reservoir tank provides five threaded ports. I have blanked three of them off, while one port receives the line from the manifold, one the last port uses the supplied air line to provide a connector for my camper-trailer, while the last port is fitted with the supplied combination pressure-relief valve/bleed valve, very important both for safety and to drain off water buildup.
The rocker switch supplied as part of the kit almost fits into the standard Toyota blank switch plates adjacent to the steering wheel, with some minor expansion of the rectangular holes required.
Update May 2015: I have also added an AOB gauge/control panel to control a pair of Firestone helper airbags in the rear of the 'Cruiser. See the details and step-by-step installation here.
Update September 2017: I upgraded the standard Firestone airbags to a full Airbagman high pressure airbags setup, with dash inflation controls and pressure gauge.