check all threaded joints under pressure with soapy water, leaks can make your compressor run more often
your up pipe from the compressor will always be full of water unless you gravity drain to the tank
if your shop has block or concrete walls, bolt it directly to the wall for a heat sink
i agree with franken rotate it 90* and plumb the lowest drain into a bucket with a lid or through the wall
buying all those fittings and valves in black pipe got pretty expensive
as mentioned above you can make a better cooler from copper with one drain valve
copper will dissipate heat better and goes together a lot quicker with fewer chances of leaking
i ran my whole piping system in copper, my compressor never gets turned off except in the winter
this is from another thread