I did some more research and I believe I have found the solution to my initial question. It all comes down to the size of the air line and fittings along the main air path from the tank to the horns.
I was previously using rubber air hose with a 3/8" inside diameter (ID) so I figured I would have plenty of air flow however most of my fittings, couplers, manifolds, and adapters were 1/4" NPT so they had an ID even smaller than 1/4" in some places. This was restricting the air flow by quite a bit as you can see by the following values which show the cross-sectional area of the air flow channel inside the hose for the three most common hose sizes:
HOSE ID___AIR FLOW AREA (SQ. INCHES)____AIR VOLUME
1/2_______0.19635______________________100%
3/8_______0.11045______________________56%
1/4_______0.04909______________________25%
So you can see that I was dropping 44% of the airflow by using 3/8" ID hose instead of 1/2" ID hose, and then I lost another 31% (or more) of the airflow by using 1/4" NPT fittings. That is a total of 75% less air flow than I would have if I kept the entire air line at 1/2" ID!!!
So to me the answer was clear: replace my hoses and fittings to keep everything at 1/2" ID on the main line from the tank to the horns. I am going to install two horns but most of the time I will only fire one horn at a time, and both horns sound awesome when hooked up with 3/8" ID hose, so here is what I ended up with:
Everything is 1/2" ID hose and fittings from the tank to underneath the truck where I connect a 1/2" ID tee splitter. Each of the two splitter outputs step down to 3/8" ID hose which runs straight into the Shocker XL valves and then right into the horns. So I am able to run both horns off of just one air tank with a single 1/2" ID port and a single 1/2" ID hose which splits under the truck, then each horn receives half of the available air via dual 3/8" ID hoses. This will give me more air flow than I had before with a single horn, and I also have 7 gallons at 150 psi now versus my old 1 gallon at 110 psi. So it should work out great with more volume, longer duration, and choice of either horn or both! I am in the middle of the upgrade now and will post results in a few days.
One interesting note: it is not easy to find true 1/2" NPT fittings, couplers, quick disconnects, etc. Most stores only stock the more common 1/4" or 3/8" adapters and you need to keep everything 1/2" ID to preserve the high air flow volume. I finally found the Milton Type G 1/2" ID quick-disconnect couplers at Northern Tool & Equipment and these connectors are monsters! Each connector pair weighs about 1 lb. and when you release the coupler the male portion will fly about 2’ away from the spring power alone! But they do preserve the full 1/2" ID air flow up to 99 SCFM / 300 psi and they are super sturdy so I am feeling great about using them now.
I will post pics and a diagram of my finished setup soon. Had to wait until Monday for the second Shocker XL valve to arrive…