morepower16,
How exciting...new toys!. If this is in your home shop/garage, I would recommend at the very least, a water separator (filter) in the supply line off the compressor.
I would NOT install a lubricator in the line. You will probably be blowing things off, or using a paint gun more than you would be using air tools. I have a small squirt bottle of air tool oil I drip into each tool before I use it.
How effective the trap is will be determined by how hard the compressor is working, ie, discharge air temperature. If the compressor has a after cooler or a inter cooler, it will help lower the air temp which allows the water to condense and drop out or be trapped.
Make sure your tank has a drain valve on the bottom and use it regularly.
You can buy filter/regulator/oiler units at places like Harbor Freight quite reasonably. Make sure they are the same pipe size as your tank discharge pipe size. Don't fill the oiler, it will run fine dry.
The idea is to keep the piping at least as large as possible so you can utilize every bit of CFM you paid for. The second focus would be to keep the air as dry and cool as you can.
Read the booklet that comes with the unit, it is probably full of good dope. Have fun.
Stuart
