I am admittedly in a little out of my depth here, so the following could reasonably be wrong, but I believe that the Compactness Theorem can be proved within first order set theory. Given a consistent theory, I can use the axiom of choice to extend it to a maximal consistent set of statements (i.e. so that for every P either P or (not P) is in my set). Then for every statement that I have of the form “there exists x such that P(x)”, I introduce an element x to my model and add P(x) to my list of true statements. I then re-extend to a maximal set of statements, and add new variables as necessary, until I cannot do this any longer. What I am left with is a model for my theory. I don’t think I invoked second order logic anywhere here. In particular, what I did amounts to a construction within set theory. I suppose it is the case that some set theories will have no models of set theory (because they prove that set theory is inconsistent), while others will contain infinitely many.
My intuition on the matter is that if you can state what you are trying to say without second order logic, you should be able to prove it without second order logic. You need second order logic to even make sense of the idea of the standard natural numbers. The Compactness Theorem can be stated in first order set theory, so I expect the proof to be formalizable within first order set theory.
I am admittedly in a little out of my depth here, so the following could reasonably be wrong, but I believe that the Compactness Theorem can be proved within first order set theory. Given a consistent theory, I can use the axiom of choice to extend it to a maximal consistent set of statements (i.e. so that for every P either P or (not P) is in my set). Then for every statement that I have of the form “there exists x such that P(x)”, I introduce an element x to my model and add P(x) to my list of true statements. I then re-extend to a maximal set of statements, and add new variables as necessary, until I cannot do this any longer. What I am left with is a model for my theory. I don’t think I invoked second order logic anywhere here. In particular, what I did amounts to a construction within set theory. I suppose it is the case that some set theories will have no models of set theory (because they prove that set theory is inconsistent), while others will contain infinitely many.
My intuition on the matter is that if you can state what you are trying to say without second order logic, you should be able to prove it without second order logic. You need second order logic to even make sense of the idea of the standard natural numbers. The Compactness Theorem can be stated in first order set theory, so I expect the proof to be formalizable within first order set theory.