Think my Compressor blew a gasket

[AJLChase]

So back in 2011 I purchased an Ingersoll Rand SS5 compressor from Tractor Supply. I had big dreams and aspirations of becoming a self taught body man and was going to use this to paint with..... then a motor vehicle accident happened later and there it pretty much sat. I used the thing for all of maybe 2 hours worth of run time and decided I'd sell it as I wasn't going to be using it the way I had planned.

Get out there to look at it and notice it won't fill up with air past 90 psi. The motor would just run and run and run but would never get any higher. Getting frustrated I just left it there and hadn't dealt with it. I called IR two days ago and they want $300 to send a tech out plus parts. Forget that, that's a 1/3rd of what I bought the thing for.

I go out to the garage tonight and pull off the cylinder cap and pull off the valve plate. I notice right away that the top gasket has a huge tear where it looked like the gasket actually tried to bubble up and tear. The rest of the gasket looked ok, but this by far stood out right away.

I've never torn open a compressor motor before but the valves look fine, maybe just cleaned up. The bottom gasket to the valves looked ok too, but I figure I'll replace those too.

Does this sound like the cause of my issue? Also, when putting this back together with the new gaskets, what's the best way to clean up the valve plate to get all the grime off of it?