I did that exact thing. Added a 40# propane tank to the air system.
I put it at the end of the line, farthest from the tank. There are 6 drains between that tank and the pump. The Propane tank is upside down and mounted to the wall. I used a 4 way 1" cross on the tank. Inside the 4 way, I have a 3/8" elbow and 12" pipe going up to the top of the tank. (Remember the tank is mounted upside down, so it's really closest to the bottom). Air goes in on one side of the 4 way, there is a ball valve drain on the bottom 12" lower than the tank and air comes out from the tube raised 12" up inside the tank.
I welded the 3/8" elbow inside of the 4 way with the 12" extension already in place. This is to both give more air volume to the system and to dry it more. That tap is my dry air for painting.
jb