I used the Black Pipe from Lowes in 3/4". My setup is just a simple hard line from the compressor at the back of the garage to the front by the garage door:
I connect to the compressor with a short flex line. The hard line is vertical.
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Then a 90 degree fitting to a horizontal ine with a slight downward slope toward the front of the garage.
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Another 90 degree fitting to bring the line down vertical.
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The outlet is off a T fitting.
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I continued the vertical pipe down to a drain.
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With this set up I get no water out of the outlet and I have never had any water out of the drain. I drain the tank of my compressor about once a month. I did not put a shut off at the outlet or a pressure gauge because I'm mostly just filling up tires out by the garage door.
If you are going to use Black Pipe make sure you also use some pipe dope or pipe tape. You will probably have to buy a couple of extra fittings as well because some of them just do not seal well. It is also cheaper to buy a long section and have it cut and threaded than to buy a bunch of shorter sections. Do some research before considering PVC.
Scott