To the OP (balane),
If the pressure ratings on the pipe, elbow, and valve are 'adequate' for the pressure of your compressor, then you are good to go.
As to the horizontal pipe vs a down-turned 90 elbow, I have a horizontal pipe and just pay attention to where it is pointed when I open the drain. A down-turned 90 will blast water and floor debris all over the place in all (random) directions. I find it easier to just watch where the horizontal pipe is pointing.
As to the air flow 'stuttering', as the previous post says (by dadsEH), it is due to the expansion cooling of the compressed air expanding (rapidly) from whatever pressure the air in the tank is at to 14.7 psia (atmospheric pressure) and thus cooling so rapidly that the water in the pipe/valve freezes. When it then melts in a few moments, the air (and water) flows again and freezes, and the cycle repeats. See next paragraph:
As to how often to drain, I try to drain for a few seconds after every 'refill' of the air tank (pretty much just like and auto-drain wouild do). This way there is only a small 'squirt' of water (probably less than a teaspoon, but when it it propelled by 100 or 150 or 200 psi of air pressure it seems like more than that

) If the pump is working hard and the tank is warm, I'll wait for things to cool down before 'blipping' the drain valve (warm tank and warm air will hold water in vapor form, I want things to cool down as much as possible so the water vapor condenses as much as possible into liquid water that I can then squirt out via the drain pipe/valve).
Speaking of water condensing out and pipe and such, pay attention if you have the system in a place where it may be exposed to freezing temperatures in the winter. BTDT, I must have forgotten to drain the system after filling tires in the winter or such, and the compressor is in the garage. Winter time cold temps + water in the low-spot drain pipe = burst pipe piece from the water freezing and expanding and splitting the seam on the pipe. Luckily just a few $$ and a few minutes to replace the small piece of pipe.
And as said, you don't drain the air tank fall the way down to 0 psi, just 'blip' the drain valve for a few single seconds. You payed to compress that air, don't throw it out (so to speak).