look under "air lubricator"
here:
https://www.mcmaster.com/#air-tool-oilers/=1dfs7hj
So, you combine a lubricator, oiler and regulator together. This is primarily used for valves and air tools.
For shop air, you might also want a dryer. A refrigerated dryer is usually the way to go. See
https://store.industrialairpower.com/Air-Dryers_c_8.html
For painting you need dry filtered air.
Here
**broken link removed**
is a point of use dryer.
Sometime, you also need an automatic line drainer to remove the water at a low point in the system.
So, where I worked at we had the compressor and refrigerated dryer in the machine shop for primarily the sand blaster. There were air outlets at each machine which were primarily used for dust guns,
then the lines traveled about 100 feet or more to an area where pnuumatic valves were used. During it;s trip, we had a automatic vent at it's low point to drain the system of water.
There was a point of use oiler/filter/regulator at each machine.
Most systems were vacuum systems and had local exhaust for the vacuum pump. The exit ports of the valves exited up the exhaust stack. The 4-way valves for the double-acting air cylinders really required the oilers.
Two systems I put together had about 20 on/off valves and two 4-way valves. Only the 4-way valves got the oiler/regulator.
Exhaust was in a ventilated enclosure.
So, you don;t want water in your air lines. The act of compressing air adds water.
You don;t want oil in your lines, but it's needed to lubricate the tools and some valves unless the valves are OK for dry air.
Particulates cause wear.
When painting, you don't want water or particulates in the air supply to your paint gun. This is not something we normally did.
You might use something like this
https://www.autobodytoolmart.com/astro-air-control-unit-120cfm-capacity-2618-p-14147.aspx for paint. You might even need dryer air than this provides.
I selected this **broken link removed** series for my 20 or so valve system. Note that it's for air/inert gas. **broken link removed** so they don't require lubrication. They did require cleaning before installation 20 years ago.