Hi jSO. This might get a bit confusing. The use of the term "ACFM" can have slightly different meanings depending on context. Quark gave you the conventional description, and what he gave you is correct. Unfortunately, that's not the way the link you referenced is using it. They're using the term slightly differently. I'm referring to the link here:
http://www.aircompressorworks.com/chartscurtis.htm
In this case, compressor manufacturers will try and 'cover their ass' by telling you what the compressor displacement is instead of how many SCFM it will produce. They do this because conditions may vary depending on ambient pressure and temperature. I guess I can't blame them, but I agree with your OP that it does make it confusing.
What they are giving in that link you mentioned - is the actual displacement of the cylinder/piston at the given RPM. I can check this very easily by calculating horsepower versus pressure and flow, so I can be sure what they are trying to convey in this chart. The link (Challenger Air Compressors) is giving you the displacement of their machine, very much analogous to the displacement of a car engine, say a 426 cubic inch Hemi for example. The 426 is the engine displacement (specifically stroke length times area for all 8 cylinders). For the case of the Challenger air compressor, it's giving you the displacement also. It's not calculated exactly the same way as the Hemi, but the idea is very similar.
If you live in Denver during the summer where ambient pressure is 12 psia and the sweltering temperature of 105 degrees F, the density of the air going into the machine is lower than it would be at sea level on a 70 degree day. To determine SCFM from the charts given by Challenger, use the calculation provided by quark above. Note that all pressures are absolute and all temperatures are also absolute. To find absolute temperature, add 460 to the degrees F, so 70 F = 530 Absolute (also called Rankin).
For example, model O5HS3 provides 2.0 ACFM at 100 psig. In Denver, at 12 psia and 105 F, the SCFM produced by this machine is:
SCFM = 2.0 * (12/14.7) * ((460 + 70) / (460 + 105)
SCFM = 1.74 SCFM
As you can see, it's not much lower than the ACFM. If you live below Denver and you have the machine where temperature is roughly 70 (+/- 40 F), I wouldn't worry about trying to convert all this. It's not necessary. You're looking for a compressor in the 20 CFM range. You're not worried if it's 19.5 CFM or 20.4 CFM.
Hopefully that clears up any confusion around the link you pointed to.
Regarding your questions:
1) scfm doesn't change (much) with psi on a recip compressor, but it DOES on a screw type compressor.
Note that both machines are positive displacement types. The only reason the Kaiser screw machine produced a variable flow is because of a special valve incorporated into the machine. I don't suppose that matters too much to you, but I thought I'd point it out being the nit picker I can sometimes be.
Why does it seem that single stage compressors actually DO have a big change in acfm with psi, but two stage compressors do not?
short answer: the individual states have smaller compression ratios so the gas that I mentioned earlier (in the void volume) that re-expands, is much less for a 2 stage machine. There are other factors including the leakage issue I mentioned, as well as a heat transfer/thermodynamic issue. When gas is compressed it gets hot, and that heat warms up the cylinder. The warm cylinder heats the incoming gas. The warmer the cylinder, the warmer the incoming gas was. Remember the ACFM stuff? The temperature is affected. Instead of 105 F for Denver, the gas gets heated before it can be compressed because the cylinder is already hot. The higher the compression ratio, the hotter the cylinder, and the warmer the gas will be before being compressed. Ok, that was as short as I could make it.
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Side note 1: I mentioned you should consider the screw compressor over the recip. Maybe that's just a predisposition I have. I'll take back that recommendation. It really depends on economics, doesn't it? If you only use the machine a few hours a day, a recip may do just fine, and cost a whole lot less to boot.
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Side note 2: We talk about SCFM having a specific pressure and temperature just as quark had mentioned. Unfortunately, you will find that industry standards use different values for pressure and temperature, and different parts of the world will also. For example, I work for an industrial gas company, and they use 14.7 and 70 F as standard conditions. I believe the petroleum industry uses a different standard. In Europe, they use "normal meter cubed" instead, and the temperature they use is often around 0 C as I recall. If you buy or sell gas, you may want to ask your supplier what values they use, as they may not coincide with the academic values.