OP . . . buy some pipe fittings so you have elbow and straight length of pipe out to a ball valve that is easy to reach and drain regularly (like daily when you are running the compressor for a while).
VERY Good info...
Guilty as charged...I got a New Puma compressor and just got "too busy" building my shop to drain it on a regular basis...even once things quieted down it was a PITA to get on my hands & knees to screw with the petcock....I finally did exactly what you said (Had the parts to do it all along

) so I did...now I find myself draining the tank almost every time I walk by because its easy.
Only thing I'd suggest...use a brass elbow & ******...so when the water settles at the bottom, which is now the extension pipe, its sitting in brass not steel. Means very little rust going forward.
If you don't want to drain it ALL the time, upsize your drain pipe to 1/2" or 3/4" if you wanted to...