What do you plan on doing about filtering? You will need at least two filters in the system, one before the first drop to the right of the compressor and one right before the drop over on the left. Access to these is a must because they will serve to separate water in the system, and you will need to drain them periodically. A better, yet significantly more expensive method would be to filter right before each air connection. This can add up pretty quickly though.
Each drop leg should have a drain valve on the very bottom and T the air coupler out the side, higher up on the leg.
This is the tp tools diagram mentioned above...
I'm not an expert, but I don't think it is necessary to use the two elbows after the T in each drop before you hook up the filter/reg. I didn't with my set up and I'll only have water on the most humid of days if the compressor is super hot, and even then, its hardly noticeable. I don't think the elbows would help me, its more of a problem with not having enough line for the air to fully condense in anyway, my lines get HOT.
Make sure you isolate the compressor from the copper lines. I used a braided steel hydraulic line from grainger, It was 3/4 and About 1 foot long, I believe it was around 30$.