Here is the way I just re-did mine :
(Parts)
30 Gallon compressor
(2) - 1/4" NPT ball valve
(3) - 1/4" NPT ******
50' PVC air hose (cheap & very stiff when cold) ***I used two 25' sections***
(4) Stainless steel worm-gear hose clamps
Ingersoll-Rand regulator/filter/oiler combo unit
(4) 1/4" NPT x 3/8" barb fitting
1/4" NPT x 3/8" NPT brass reducer bushing
1/4" NPT female brass "T"
Liquid teflon pipe thread sealant
Roll of teflon tape
3/8" x 2 1/2" concrete anchor
50' retractable air hose
1/4" air coupler
1/4" air fitting
1/4" NPT remote tank drain w/60" wire attached
My modifications to the compressor were very simple. I removed the 1/4" coupler (that came installed on the compressor) & installed a 1/4" ball valve between the factory regulator & the coupler. This is so I can completely shut air off to the lines when they are not in use, or when service is needed (removing the filter bowl, oiler bowl, etc). The other modification that I did was to remove the factory installed tank drain (manual by hand) & replaced it with a simple remote "wire activated" drain like the ones that are used on tractor trailers. They are very cheap & very reliable.
I ran the line w/el-cheapo PVC airline through the basement wall, and attached it under the deck along a floor joist. I used two sections of 25' hose & coupled them, but would have been easier with one section of 50' hose. The hose loops back through the wall and into the regulator/filter/oiler combo unit. Where it comes into the unit, I have a "T" installed w/a ball valve to catch extra moisture & to "dump" the air from the lines when they need to be serviced (basically, I close the tank ball valve & open the line ball valve, and the entire system de-pressurizes in 3 seconds). From the opposite side of the combo unit (the oiler side), a 1/4" NPT x 3/8" barb fitting is installed & a small section of leftover airhose connects the line to the retractable air reel.
My garage is approx 30' long, so my 50' reel is more than adequate to reach anywhere inside. Also, I have a carport between the garage door & the parking area, so it reached through it & into the parking area another 20+ feet.
A few things to keep in mind about air hoses:
PVC lines are the cheapest, but they get so hard in cold weather you can NOT unroll them.
Rubber lines are very flexible in all temperatures, are fairly inexpensive, and are easy to repair (punctures, ends failing, etc). But, they dry-rot & you can only reasonably expect to use them 3-5 years indoors or 1-2 years outdoors before them fail. UV rays kill them quickly.
Polyurethane lines are very flexible & are thin/lightweight, but are the most expensive & are not a good option in most cases for DIY auto repair uses.
In my opinion, I would buy the parts you need for a setup you will be happy with 5 years from now. Not just something that will work at this moment. A retractable air hose reel, and a quality regulator/filter/oiler will save you a LOT of cursing & time in the future. Air hoses laying on a shop floor get extremely dirty & are a pain to roll/unroll every single time you need to use them.
The standard 50' air hose reels that are metal & self-retracting are almost all identical ---- only difference is the color of the rubber hose & the color of the reel. I honestly think they are all made in the same factory oversees. I bought mine from amazon, but it is identical to the store brands @ Home depot, tractor supply, harbor freight, etc. The harbor freight one is the cheapest (50' version $59.99 w/coupon).
If you want, you can shoot me a PM & I will send the links over for the reg/filter/oiler unit, the tank drain, and the coupon code for the harbor freight 50' air reel.