I cannot get the link to work. Any more information appreciated
Google THB 3 stage Filter Regulator Drier. Thats the product he linked on Amazon. I have something similar from eastwood but honestly they're probably made in the same factory. It has a "water trap", coellessing filter, and dessicant filter, as well as a regulator.
I think the problem is, if the moisture in the air is still trapped in vapor form, it's tough to filter it out no matter what kind of filtration or dessicant you use. That's why you see so much attention put on cooling the air coming out of the compressor (copper lines etc) first before filtering. The air will eventually cool either flowing through your air hose or through your plasma cutter hose and when it does, it will condense and you will get water. By pre-cooling, you ensure that most of the water vapor has condensed out of the air before you pull it out of the line with a filter etc.