Painting and other work requires water removal. All methods mentioned here are good
BUT
Why not use a water cooled aftercooler and preheat your hot water? About 50% of compressor input power is wasted as heat.
You can have a water separator to dump the water or let it drop out in the receiver (drain OFTEN) and then go with smaller refrigeration dryer or desicant BOTH of which use power to operate.
Dan Bentler