Actually, for anyone with a modest ability to read between the lines, MMC's
reference to those two risks are highly relevant. His point is that

Physic 101 doesn't require much reading between the lines. But
it does require the reading.

o just as one cannot, from breathing air at 1 atmosphere of pressure,
draw any conclusions about the narcotic effects of nitrogen partial pressure
at multiple atmospheres, and

Nobody tried that, that's why the N2 is so off the point.
And, of course one can, there even is a formula:
Each seven meters equal one martini, or so I hear the man in the red
hat said. But what is the effect of so many olives at depth? After all,
olives are where the oil comes from, are they? Does it become worse If
the olives are vaporized? So, should one chew them or swallow them
hole?

o just as one cannot, from holding one's breath at one atmosphere draw
any conclusions about the effect on the lungs of holding one's breath while
ascending from, say 30 feet after breathing compressed air,

Of course one can, physics 101 again. Pressure change, volume change,
ouch.
You aren't confusing lung rupture with embolism, are you? Or how did
that tidbit of diving physics pop up here?

so one cannot by breathing oil-contaminated air at one atmosphere draw any
conclusions about the effect of breathing oil-contaminated air at multiple
atmospheres.

Yadda. No one was trying to go deep with the compressor, be it oily or
not. Remember, we are talking keel deep here.

Understanding the point does, however, require a moment's thought--something
often in short supply.
Oh, so true.