...About those "imaginary" compressor explosions....

A water separator needs to be between the compressor and the tank in order to be effective in preventing tank failure. It's not a simple addition.

You need an intercooler between the compressor and tank first, then a water separator. If not, the air is too hot, cools in the tank and water condenses (hot air holds more moisture than cold air). Best bet is an automatic moisture ejection valve.