I’ve found (the hard way) that it’s much better to dry the air all you can BEFORE it is stored in the tank. I live by the beach, and humidity was often a problem. Without an inline dryer my paint guns would always sputter and the plasma cutter had issues. My compressor before modifying would get LOTS of water into the tank which isnt good for either the tank or your tools, and a separator after the regulator didn’t stop moisture in the lines. I drained a much higher volume of water from the tank than from the separator.
What fixed it was to mount a four pass oil cooler after the compressor but before the tank. The lower line of the cooler goes to the inlet of a filter/separator which captures the water before the air goes into the tank. I now get next to zero water from the tank drain, but have to keep up with the filter drain. 
Behind the cooler is a pair of large flat 120V “muffin” fans which run when the compressor is on.
I still keep the Motorguard M26 filter at the plasma cutter, but now the elements seem to last forever.
