My take on the air filters was this...
I've had a compressor for 8 years now (a rattle trap Campbell-Hausfeld, cost me $250 back in 1998). I've run the same tiny goofy Sears filter/watertrap most of that time, about a foot from the outlet of my compressor (no condensing / "cool down" plumbing at all). I'm still using the same impact, same air ratchet, same air hammer, same air drill, same DA, same die grinder (have never had to replace any of the tools). If anything, my tools will be incredibly shocked to get actual filtered air, even if it's done by a $20 Harbor Freight filter.

I don't have super-expensive air tools (Chicago Pneumatic & Campbell-Hausfeld)... I figure they'll be fine with the H-F filter.
I primarily did the tubing and filtering for painting, as 5 of my 6 vehicles need paint. I've not skimped on anything for that side of it.
So my vote is a HF filter on the tools side, and good filters on the paint side. You may have to mod the HF filter for air flow though (I'm going to investigate that, probably tonight).