...without a water-trap & regulator? Talk about dumb. I've got by with a compressor that starts off at about 30psi and drops to around 15psi as I use it. Not to mention the water it blows (not that I've ever noticed any detrimental effects). My metalizer paint just arrived and it says water is a big no-no and constant pressure is good, so I went out and bought a water-trap & regulator unit. I'm rather looking forward to a constant psi.

That's exactly the set-up you need. Just remember to periodically empty the water trap.