Also remember to plumb your air lines so you don't get water (condensation) to your paint gun. You'll want to get a good air dryer filter.
I have learned the hard way, but make sure your water separators are 20 to 30 ft away from your compressor. This will allow the water to drop out into the canisters. What i did was run a line from my compressor to the other side of my garage ( about 20 ft) that didn't seem to work as well, so i added another 20 ft of coiled up hose to it. That made all the diffference. Now i have a total of 40 ft of line, and then 2 water separators, and then i put a new water filter on my gun each time i use it. Kind of expensive, but neccesary if you have higher humidity. I am constantly draining the filters and make sure you drain off your air compressor also. There should be a petcock on the bottom of the tank. I have a 60 gallon, 5 hp. compressor. Not enough for most of the power tools, but it has been fine for the painting that i have done so far. Good luck