Yes, my setup has been on the compressor for about four years or so(that oil-less is still holding up, but LOUD). It continues to work fine(did I mention it is LOUD?).
To recap, I took that silly little valve from the bottom of the tank(60g upright). You know, the one that is under the frame, that is too small to get at for people older than 5? The one that sits right square in the middle of ideal black widow territory?
So while I was setting it up, I tilted the whole unit back. I took the liitle valve out, and put a pipe nipple in there. I put an elbow on that, and the a 6" piece of pipe poking out from under the compressor. At the end of the pipe, I put a regular old air nozzle/blower thingy madoogle. It is back far enough to be protected by the compressor, but just in reach of your toes.
When I finish for the day, unplug hoses, cleanup ect, I just lightly press on the air nozzle lever, and blow the water right out of there.
My old compressor rusted out(2hp 22gal horizontal) mostly because the silly drain was just to hard to get at...
Took two beers and $3 in parts.