I don't know how many amps the compressor draws, but I would definitely run that off a relay.
The valve is probably just a change of state solenoid (open to close vs. close to open) and you *could* probably get away without a relay on that, but for the couple of $ that a relay costs and for peace of mind, I would probably run one anyways.
I am assuming that your switch is a heavy duty switch, but I wouldn't even run 12v to it, I would just do all grounds, keeping the amperage to basically .1 amp, and let the relays do all the work (like they are designed to do):
Compressor Relay:
86 & 30 - 12V fused
87 - 12V side of compressor
85 - toggle switch
Dump Valve Relay:
86 & 30 - 12V fused
87 - 12 side of Valve
85 - toggle switch
Center wire of switch - Ground
This way, you don't have to run 12V wires from your switch, through your firewall to your compressor/valve, assuming your switch is mounted inside.
That's just my opinion, though.