After a bit of searching, found exactly what I need:
automatic drain valve , $2.35 each.
This
should work for air, but I'm not 100% certain...only one way to find out! Maybe a small pressure reducer so that 150psi doesn't blow this out, but should be OK. Whatcha think?
As soon as the compressor leaks down to 4psi, the system drains itself. Perfect!
-Boyo