The cooler temps will helps with some of the condensation. What kind of air compressor do you have? Most air compressors have a drain plug at the bottom of the tank so that you can drain any water/condesation from the tank.

If you use an oil free compressor you can purchase some thing like this:
http://greenvalleycompressor.com/miv...ory_Code=RWAOT

If you use an air compressor which needs oil then you can use something like this one.
http://greenvalleycompressor.com/miv...ory_Code=RWAOT

The water traps are a necessity if you are going to paint. Shop around you may be able to find then cheaper.