Sounds like an interesting project!! How do you plan to purge the moisture traps, while keeping them sealed the rest of the time?? And could 5 cfm through a small diameter pipe still push waterdroplets up hill and past your trap?? Perhaps the pipe diameter should be much bigger in your trap??
BTW, my industry now uses receiver-dryers and switching solenoids to deliver air with a dew point of -90F.
Safety: Most of these tanks are pretty safe when working within their rated limits. I used to worry about all the pressurized CO2 tanks I worked with, sometimes surrounded by 50lb cylinders. On a hot day, the gauges all get up around 1,000 lbs. Then, I look at the safety certificates, these tanks have been in use since the 1920's and 1930's!!
Here is the best part: When they test them, they stamp the date into the side. Just like branding cows, but they take the date stamp, a big (huge) hammer, kerwham the numbers are stamped deeply into the steel.
Certification guy says "they are made of a soft mild steel and will not burst. If an accident pokes a hole in them they just spray out through the hole, Then he warns: If its not tied down it will be going over 100 mph when it hits you!!
Ouch!!