I personnally would read the manual and do what sears says to do about the oil.
as far as the other stuff... it depends greatly on what you're planning to do with the compressor. a water seperator is always a good addition. as is a regulator. if you *ever* plan to paint using the compressor, don't add an oil fogger as you'll never get the lines clean enough to prevent the oil from ruining the paint. just add a couple of drops of air tool oil every day or every other day of use (depends greatly on the amount of use. add the oil to the tool, not the hose.
you relieve the pressure in the tank by opening the draincock in the bottom of the tank. the pressure in the tank helps to force out the water. you only really need to do it once a week unless you're running it while it's super humid out. that being said, daily draining won't hurt it.
as far as the other stuff... it depends greatly on what you're planning to do with the compressor. a water seperator is always a good addition. as is a regulator. if you *ever* plan to paint using the compressor, don't add an oil fogger as you'll never get the lines clean enough to prevent the oil from ruining the paint. just add a couple of drops of air tool oil every day or every other day of use (depends greatly on the amount of use. add the oil to the tool, not the hose.
you relieve the pressure in the tank by opening the draincock in the bottom of the tank. the pressure in the tank helps to force out the water. you only really need to do it once a week unless you're running it while it's super humid out. that being said, daily draining won't hurt it.