Hi Woodlot! Sounds like you have a good plan.
Unless you do a lot of lead free soldering, I'd really recommend the good 'ol leaded stuff for sweating anything non-drinking water related [and you could start a real battle over whether that even matters {some claim joints have so little flow contact, and oxidize so quickly, it's a miniscule issue; not sure, but for water I opt safe over sorry}]. Anyway, leaded is so much easier to get a void free joint, IMHO.
Actually, on the compressor I "built" last Fall [Eaton 20 CFM 2 stage on the FIL's heavy duty 60gallon tank] I used a combination of compression and flange fittings for the tank inlet and head unloaders. It holds pretty good pressure, even between weekends. <font color="red"> edit: this was soft copper; solder for the rigid stuff </font>
I prefer compression for simpicity, but a couple existing fittings were flange.
For water knockout, I still used several feet of black vertically {and a couple galvanized fittings} from the tank exit [air exit on top, like a fractional still!]. Then a FRL [minus the "L"] and a tee with a typical quick connect and an industrial one for the 50' X 1/2" hose; finally a collescing filter at the end of it. For painting I attach a light 20ft hose and use desicant right before the gun. On the blaster, I use another "J" loop of steel and another FR{L}. 140psi unloader kickout [I installed a toggle for "continuous" into the the starter box; Eaton doesn't recomend this], 120psi electric when toggled to "Auto".
Good Luck, but I don't think you'll need it! /forums/images/graemlins/cool.gif