If you don’t want to remember to check your compressor tank for water, install the automatic drain valve.
https://a.co/d/fw3UjiP
You can set this to cycle every 0.5 minutes to every 45 minutes. Way too often to cycle so then you buy the Inkbird to turn power on/off to this valve each time your compressor cycles. The valve will open for 0.5 to 10 seconds (0.5 seconds is plenty).
Attach the Inkbird temperature probe to the compressor charging tube that leaves the compressor (going to the tank, usually). When it reaches the temperature you set (85 degrees F, is good), then power is turned on to the automatic drain valve.
Inkbird ITC-308 Digital Temperature Controller
https://a.co/d/amIZX0v
You may say, “Don’t they make a timed drain valve specific for compressor tanks, why buy two separate gizmos?”
Answer: Yes. But, this set-up will cost you about $60 to $70 dollars.
This is how much you would pay for the other device: