With increasing energy costs, a larger compressor might be very costly to operate, considering the number of cfm you need per day.
Here is why Bill is saying that aeration is complicated. You need to turn over the water in the pond "X" per day. Personally, I like to use 1 to 1.5 times per day as a target rate. You need to calculate the number of gallons of water in your pond. Then if using Vertex membrane diffusers consult this chart:
Each diffuser disc needs approximately 1 cfm of air at 1/2 the psi of the depth that the diffuser is placed at. i.e. 12' deep, 6 psi.
If it was my pond, I'd go with a 1/3 to 1/4 hp compressor and a couple of diffuser stations, 1-2 in the deepest part during the summer and one set at 1/4 total pond depth near shore during the winter.