My brother has a setup on the front of his Ramcharger that he actually tapped fittings into the two tubes on his brush guard. It doesnt do much to hold air, but helps to buid up some pressure for when he does use his on-board compressor in conjunction to air up his tires. He just has to male quick release couplers on each end of the tubes, that way when he wants to air up, he runs an air hose from his compressor to one tube, then to the next one, and then to his tires. When he is done airing up, he unhooks the hoses and the air releases. There is no air stored in there while he is not using his compressor, so no worries about explosions, which I seriously doubt would ever happen anyways.
And volume is also a big thing like rusted said. There is no way that your bumper could hold enough air to air up all of your tires. You will definately need an on-board compressor for that to be posible. I assume that is why you want the tank at least, to air up after a trail?
I think that having a bumper which held air in there already would be even more beneficial. If his motor wont run for whatever reason, then no air, period. If you do something to your motor, but have some air in your tank/bumper, then you may still be alright.
As for the 12 feet of space that book takes up, give me a break. We are on completely different terms here of Boiler and Pressure Vessel Codes here when it comes to 100psi of air in a bumper vs. the fact that I dont want the propane tank in the front of my trailer to explode and blow up my family