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
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1940 Chevy 1/2 Ton presently... Almost done
1940 Chevy Business Coupe... In pieces