So, the equation given by Simon Bridge is wrong in this case. You can't use it. The equation he cited,
p+\frac{1}{2}\rho v^2 + \rho gh = constant,
is the Bernoulli equation, which has no meaning for compressible flow, and this situation is definitely one where compressibility is an issue. Luckily, this is still an easy problem.
The question you have to ask is whether or not the flow is choked, meaning does the velocity reach Mach 1 at the orifice exit. To check that you have to look at the actual expansion process of the air in your particular configuration. Now, assuming your orifice is that same exit area all the way through or else is narrowest on the outer skin of your tank (converging), then there is a very simple number you have to compare you situation to:
\dfrac{p}{p_0} \leq 0.528.
In this case, p is your atmospheric pressure (14.7 psia in this case) and p_0 is the absolute pressure in the tank (44.7 psia in this case). For a straight or converging duct/orifice, if this pressure ratio is below this critical value, the flow is choked and your flow is moving at exactly Mach 1 at the exit of the hole. In your case, the flow is choked so the exit velocity is going to be Mach 1. What this translates to in terms of actual velocity is going to depend on the temperature at the exit, which is also relatively easy to calculate.
Perhaps more interesting, given a few conditions, you can directly calculate the mass flow you are getting through your system (make sure units are consistent). For any choked flow, the mass flow through the nozzle or duct is going to be
\dot{m} = \dfrac{p_{01}A^*}{\sqrt{T_{01}}}\sqrt{\dfrac{\gamma}{R}}\left( \dfrac{2}{\gamma + 1} \right)^{\frac{\gamma + 1}{2(\gamma-1)}}.
The variables here are the mass flow, \dot{m}; the total pressure in the tank, p_{01}; the smallest cross-sectional area of your orifice (throat area), A^*; the total temperature if your tank, T_{01}; the ratio of specific heats (=1.4 for air), \gamma; and the specific gas constant for your gas (about 287 J kg-1 K-1 for air), R.
Keep in mind that as your tank vents, unless you have a powerful compressor refilling the tank, your tank pressure is going to go down. As long as that pressure ratio is less than the critical value the exit Mach number will still be 1, but your rate of mass flow will change, as will your velocity slightly since the gas is going to cool off in the tank as it loses pressure. It will continue in that fashion until it reaches that critical pressure ratio, at which point it will take on different characteristics, also based on isentropic flow assumptions. If it continues to get slower as the air leaves the tank to the point where the Mach number falls below about 0.3, then and only then would Bernoulli's equation stand a reasonable chance of giving you a reasonable answer.