Hi Metalmuncher,
It's not a bad idea, but after some proofing, the solution with the venturi technology seems for me a better and easier solution, the problem with the gravity lubrication for your use is that your oiler has a tendency to make some drops in place of a perfect "smog" of air and lubricant, you haven't seen that if you don't use it for hours but in normal workshop use it comes everytime in my experience.
If you forget to close some seconds before ou close the air, when you open the air the next time, you have too much lubricant at the beginning.
The position of the pipe is of great importance too, if you have the possibility to place the tank under the end of the pipe solve a lot of problems but is not very often possible.
For the transparent tank I use polycarbonate which can be found easily in differents diameters, the first I've made were in technical glass, nice solution but need more work to cut and polish than synthetic material.
If you want i can make some pictures of one installation I use on the lathe principally.
Have a good day.
Pierre

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