My craftsman’s air compressor was working great as normal until one day I turned it on and it runs noticeably quieter and slower. Very sluggish. It runs maybe 30 seconds then blows the fuse at my house and shuts off I can see a little bit of smoke sometimes 

Sounds to me like the start capacitor is shot, if it's got one.  If the start capacitor gets weak, or leaks current, the start windings will not boost the speed up enough to open the centrifugal switch that controls power to the start windings. Then the motor won't get up onto the run windings. It'll run much slower, draw more current and in a short time burn out the start windings on the motor.  You might try putting a new start capacitor on the motor if it's got one.  I really don't know much about the compressor motor you're dealing with, but that's what it sounds like to me from prior experience.

Not much info provided about kind and type of compressor. Is it belt driven pump by electric motor or an oiless? I have encountered when the temp drops, the pump oil needs to be replaced for lower viscosity and then cold starts are much better