This is how I have it currently set up, I put a quick connect between the filter/regulator and lubricator incase I need oil free air (I have a 2nd hose). I never paint, however you never know what the future may hold.
I guess the best way to set this up is to run the given tool (impact for example) for 1min and count the amount of oil bubbles that appear in the sight glass and adjust from there.