Affordable Compressor Water Filter

I think that one is for making Moonshine! :eek: Seriously! However, I can see where it would work if you put it down in a bucket with ice covering it.
I just bought a used compressor so I'm trying to find the cheapest way to paint a few small part and maybe a fender or two. What I was thinking, plum this right and just use with ice when I'm painting? Obviously I think I'd need the filter/regulator and decisient filter after this. Still undecided? I do not have a lot of air tools. I was thinking air in on the bottom and air out on the top in a 5 gallon bucket? A couple of flexible hoses? Someone say which way. Thanks,
Woody