Big compressor

I use a small compressor in my paint room now that has no air tank and I have to turn it on and off when I want to paint.

What I want to do is useing my new 20 gal air compressor in the shop is run a air line about 120 feet to my model/ craft room. ( the wife is in there scrapbooking also ) I am using the yellow shopline to that point, what I want to know is 2 things will this be enough or will I lose pressure over the 120ft?

2nd I want to put a air gang in so that I can have 3 AB's hooked up and have a couple so the wife has a way to get air also if she needs. Will I have to put in a regulator for each out let and will 1 water trap work ok at the gang side?

I hope you guys understand what I am talking about, sometimes I lose myself

Thanks

Skip