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I know how you feel. My system is 7 hp 240V single phase one stage. It was pumping out a TON of water. Yuck. I put lots and lots of drops and still had the problems. I have a 4 stage plan to fix it on the cheap. Step 1 - I got an old propane 40# cylinder and emptied it out, blew it out, then painted it inside and out. Got a 4way 3/4" connection and put it on to the tank. Mounted the tank upside down (4way on the bottom). I added a 3/8" elbow with a 12" stub on it going up into the center of the tank. That's the air out. The air in just blows into the 4 way. The lowest part of the 4 way is a ball valve. This is on my line used for painting and blasting. It's about 55' of line from the compressor and works pretty good. Other parts of the system still had issues. Step 2 - Added an extra 80 gal tank. Was given an old industrial well pressure bladder tank. Cut holes in the top for air in and air out. The in has a 3/4" elbow to a 12" stub that directs the air to the side of the tank. Hopefully, it swirls the air across the tank, cools it, expands it and drops out the moisture. The air out is a 3/4" coupler to a 10" stub that is in the dead center of the tank. Bottom of the tank has a ball valve for draining water. (Yes, the rubber bladder was cut so water can get out!) 
On the left is the main 7 hp compressor with a black 60 gal tank. The blue tank is in the middle and estimated at 80 gal. On the right is a 3 hp 110v compressor that had it's tank rust out. It is mounted without a tank, bolted to the table. It's air goes to the blue tank via a T. It's only used when lots of air is needed, typically for sand blasting. Step 3 - build a cooler separator to put on the output from the compressor, before it dumps into the tank. 2 pieces of 18" long 2" pipe, 1 T, 3 caps 2", two 3/8" couplers, 1 3/8" elbow, 1 3/8" MPT to 3/8 compression fitting and 1 6" 3/8" stub. The T is in the middle and is the air in port. The air comes in thru the cap which was drilled and had a fitting welded to it. See picture of the modified T. The air goes in and down to the bottom where it expands, cools and dumps moisture. There is a cap on the bottom with a drilled hole for a 3/8" pipe with ball valve for water out. The air goes up and out the top then into the air compressors original storage tank. Hopefully a bit cooler and dryer. This set up should work well, but will heat fast with a 1 stage compressor. 
Step 4 - add active cooling with a radiator and fan after the compressor and before the Step 3 water separator. A/C condensor with a fan wired into the compressors pressure switch. In my quest for cheap dry air, I am done with steps 1 and 2. The gizmo for step 3 is made and needs to be mounted to the tank and plumbed in. The improvement from adding the extra tank was tremendous and that has taken away much of my motivation for steps 3 and 4. jb
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