I got the entire thing clean and then sanded it. Then I washed it and let it dry.
Yesterday I set it all up for painting.
I got out an air fitting that is just a quick connect with a hose barb fitting screwed into it to blow off any recent dust.
I jacked in the air nozzle and out comes this huge cloud of water vapor. I stopped and opened the compressor drain. Not a single drop of water came out.
Reinserted the nozzle and pointed it at my stainless bench top. Water rivulets appeared and spidered all over the table.

And this after a $60 filter separator and a $150 desiccant filter... "This is nuts!", I think. So I look at the indicator window on the desiccant filter. Is it pink? Is it blue? No, it's black.... How can it be black? I open it up(a lengthy process of removing nuts and unscrewing a huge collar.

It's empty!! It doesn't come charged with desiccant!!! Argh!!!

So I have to order it: $64 + Overnight/Sat delivery..

I just got it.. Stay tuned.