Well, after pestering you guys with questions for the past month or so, I figured I should show you all what I ended up with. This whole rig is serious overkill for my current needs, but it'll have me covered for about anything else I decide to do in the future that needs air power.
Here's the Eaton compressor...5 HP twin cylinder single stage 60 gallon rig:
And a more detailed pic of the working parts:
Everything about this thing is oversized compared to any other 5 HP compressors I've seen. Here's the motor:
And here's the 1 1/2 HP motor on my bandsaw, as a comparison:
Here's the air drying rack. This pic was taken while I was pressure testing it during the installation, so the gauges and valves in shown are not the final configuration, but it's the only uncluttered photo I have of it.
And a more detailed shot of the moisture drops and much-discussed check valves:
The piping is under my bar clamp rack:
And a shot of the compressor in place. It's positioned this way to allow my skinny self to get to the clamps. (As a woodturner, I don't end up using the clamps very often.) I'm gonna have to move the vise on the bench.
The main regulator is a 3/4" Parker, mounted at the beginning of the drying rack:
Not far from the drying rack is one outlet for SWMBO to use for sweeping off the back porch. You can also see the drain valve that comes off the bottom of the drying rack. The gray box is a 40 amp disconnect for the compressor. Not really necessary, since the breaker is in the same room, but it wasn't a lot of extra expense, and it's easier to get to than the breaker box.
Then there's about 10' of overhead pipe going to a flex hose drop to my "air station".
The air station is mounted to a piece of scrap OSB that's attached to the side of a rolling steel cabinet at the end of my lathe, where 99% of my compressed air is used.
And a bit more detail of the air station:
I picked up the slightly-used Beach filter/dryer for about $50 on eBay. With the extra bleeder valve, it sells new for about $1000. I made up for it by using cheap HF mini-regulators at the two outlets. I can set one at about 85 PSI for my sander, and run the other one at about 120 to 130 PSI for my blow nozzle. I use the blower a lot removing chips and dust when hollowing out something like this:
I used the new rig last night for the first time. It almost makes sanding a pleasurable experience. The sander no longer slows down, and when the compressor is running, it doesn't wake the dead as my old portable compressor does.
Thanks again to all you guys who offered ideas and suggestions along the way. Let me know if I can help with any wood-related questions in the future.