If you let the water out of the compressor before use and use an inline water filter you can get a full paint job out of it, if I spray a bumper cover I use it for the primer paint and clear then toss it, cheap insurance.
Here is a little trick. Leave the compressor full overnight then just crack the drain to let the settled water out before spraying, it wont eliminate moisture from the air that is being drawn into the compressor when its running but it will prevent any water built up on the bottom of tank heating up and also going through the system.
Not having to fill the tank from zero helps to keep the air temp down in the tank so you can spray. On big jobs it doesn't help much but for a bumper cover, fender or other small job it can really help.
I use 3 water filters, one is just a cheap separator, the next one is a Devillbiss separator with desiccant and the last defense is on the gun. If your pumping moisture the gun filter wont help much but it will catch any small amount that may get past the others.
You don't need to spend a lot a simple separator and toilet paper style filter will do a decent job.
Here are a few options.
http://www.nationaltoolwarehouse.com/100-CFM-Air-Line-Control-Unit-wRegulator-P45497.aspx
http://www.nationaltoolwarehouse.com/12-...CFVdZhgoduBILGw
http://www.nationaltoolwarehouse.com/FinishLine-80-CFM-Air-Line-Filter-P227173.aspx
https://www.amazon.com/DeVilbiss-130525-QC3-Filter-Dryer/dp/B002PR8ZXK/ref=pd_sim_sbs_328_16?ie=UTF8&dpID=51OVVHFKlWL&dpSrc=sims&preST=_AC_UL160_SR117%2C160_&psc=1&refRID=19THQCAPKH0T3A7MF0Q2
A cheap thing like this will keep a lot of moisture out of your second filter.
https://www.amazon.com/Campbell-Hausfeld-PA2121-Standard-Filters/dp/B0000CBINA/ref=pd_sim_sbs_328_4?ie=UTF8&dpID=415X2K26N8L&dpSrc=sims&preST=_AC_UL160_SR160%2C160_&psc=1&refRID=19THQCAPKH0T3A7MF0Q2
None of these will replace a commercial unit but for the occasional paint job you can put something together for little money.