heres a good read on compressor piping
http://www.oldsmobility.com/old/air-compressor-piping.htm
I have a sketch of a great plumbing layout for a small shop, its designed for dry air and no pressure loss. I'll see if I can find it..
This same topic is getting gone over on several forums, I guess gettign close to winter everyone is trying to get it done before it gets real cold.. I actually saved the sketch from a post on weldingweb.
I would recommend adding a permanent line around your work bench, machine tools (drill press, mill or such), just for ease of use, and possibly find yourself an old 100gallon propane tank for a volume tank, you wont have much to worry about after that..
heres the basic sketch, it will give you a good idea... also running a full system something like this isnt cheap by any means, you could easily spend $200 on couplings and valves, and pipe.