[franken]

The only way to dry air is to cool it, then trap the water. Think of grains of sand sprinkled on a table. Now push the sand into 1/3 the space. More sand in one space, which is like compressing air 3:1. Same air, same water molecules, less space, more heat. Remove the heat, and the water molecules condense into water, which is heavier than air.
My opinion is that water should be able to collect a fewer places rather than more. The first is the tank--you need to drain water daily if you use the system daily. Just a few seconds from the bottom is good after things have cooled.
Now we come to the dryer... With cool air, a less expensive dryer system is possible.
No water should be allowed to accumulate in the lines. Long vertical and short horizontal runs with valves is brain dead. All water has to flow through the system, collect in the tank, trapped in the dryer, or go out the end. This is just common sense, but will be argued with.
Finally, it depends on your budget. Its a system--compressor, lines (not hoses), filters, dryers, regulator, hoses, and tools. People buy a compressor and think they're done. The compressor is a fraction of the cost of an air system. I spent years buying air tools before finding a compressor that could run them, and more time/money building the system between.