I have pretty much the same compressor but with a 80 gal tank. I have the same issues but it seems to run ok. Living here in Florida where the humidity Is high I have to worry about water. I created a radiator out of copper pipe with drain valves under each turn. This runs into a water separator and pressure valve then to the gun.
It removes about a quart or more ..... depending on the weather... of water out of the system per day that I run it. The radiator cools the compressed air enough to drain the water....
Just thought you might want to know...
Mike
1940 Chevy 1/2 Ton presently... Almost done 1940 Chevy Business Coupe... In pieces