Another option is to put a water separator just after the compressor. I built a compressor with an intercooler & fan. The intercooler was the cooling coil out of an old deep freeze. The fan effect of the compressor's pulley blew air across the intercooler, causing the hot air to cool, dropping all its moisture into the separator. I also installed a water separator for air coming out of the tank into the regulator & hose, although there was never any moisture for it to collect.
I used that compressor for many years, in an extremely humid area, and the air that came out of the tank/regulator was dry as dust. That tank never collected even a drop of moisture, as it all came out prior to going into the tank.
If that's not a convenient thing to build, just add a large inline water separator in the shop, prior to the hose connections. It will gather the water & you can drain it from time to time, without it getting into your tools etc.
Here's one, for example:
https://www.amazon.com/CrocSee-C1-8C-02 ... +separator
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