I would buy a combination regulator/moisture trap like this one:
Mount it near your workbench and not directly to the compressor.
This way you can adjust the air pressure and not have to worry about water in your airline. It would also be a good idea if possible to find a small airtank to act as a reserve to keep the airflow smooth as diaphragm compressors pulsate the airflow.
Mike
“Wisdom is the right use of knowledge. To know is not
to be wise. Many men know a great deal, and are all the greater fools
for it. There is no fool so great a fool as a knowing fool. But to know
how to use knowledge is to have wisdom. " Charles Spurgeon