I was asked by Jonathon if I could assist with this issue. I only have a very basic solution but it works.
I can't comment on your efforts above from experience however, as we know compressed air leaving the receiver is hot and dry, as the air cools it condensates and this is where we get our moisture.
The first mistake some people make here is to have their regulator too close, therefore the moisture is still trapped in the air and passes through.
The cheapest trick I know that does work is to run around 20 foot or so of air line from the receiver to the first basic cheap water trap. By the time the air has reached the trap it should have sufficiently cooled to separate the moisture from the air and therefore the moisture should remain in the trap.
From the trap run a section of air line to a second basic cheap regulator combined moisture trap. This method is as cheap as you can get, very simple and as long as your compressor is in good condition it should pretty much solve the moisture issues.
I use mine for show class auto panel and paint work. I also have a domnick hunter air dryer unit installed at the end of my setup BUT I have never seen a drop of moisture come from this unit. I have had it for several years now, I think it cost me about $500au.
It also helps to have the first trap at a lower elevation than the second regulator. It's harder for the water if any gets through the trap to travel up hill. Let me know your outcome or what you think.
In my situation regarding this type of topic another issue is airbourne Humidity. On days where the humidity is high it is very important for me to warm the area of the job to dry out any moisture that may be present. For this I use a heated booth or heat lamps for smaller jobs.
I don' know if this information has been of any use to you, but I hope it has.