The Menards was kind of junkie but cheap and it worked well. It came with a luber which I thru away. I have used good ones, never had a problem, used cheap ones had one problem after long service, replaced it. There is some amble in life but this should be designed in so its not a chore to remove, buy a good one you probably don't have to fix it, a cheap one probably not either.
I like some of the box store stuff, one thread here said Home Depot 23$ and as I recall its 3/8 in and out with 1/4 side ports. I think its the one below or similar.
This little reg will pass twice the air your comp will produce. Take 50 ft of 3/8 hose, open it up on a blow gun, it will drain the comp way faster than an air tool. Sometimes I harp on simple, part of it is related to this. Pass the air thru 1 filter, easy to take care of, easy to remember, small enough to service.
That's a lot of babble but you don't need 3/4, only reason for it is to slow the air velocity in the pipe a little for cooling. A 3/8 line at higher pressure before the regulator would certainly be sufficient to provide for a 3/8 after. Similar dynamics to a transformer welder and gas regulation, not the same ratios but the same principle. Go to hi pressure and you can use SMALLER line for transmission.
I have some long runs, not looped, not that it couldn't be but 3/4 on the hi side is plenty. A psi loss twice a day for 30 seconds doesn't mean squat. I remember thinking I needed big early on in my career, been doing this since 16, my design and thoughts are so much more practical than when I started.
Ok, back to filter. too big of a pipe and it costs too much in most cases but the filter wont work as the air is too slow. It needs velocity, even these may work better with 2 tools running. The idea isn't always to get as big as you can but to match the sizing to the application.