That will work. I use 60 feet of pipe before I run my air into the final filter. It runs 10.5 ft, then I put in a "U", then 10.5 more feet, another "U", etc. Why 10.5 feet, because uncut pipe runs 21 feet and it is real cheap to buy full lengths from a plumbing supply store (not Lowes/Home Depot). I then spread the pipes so they always drain downhill to a "T" where I drain off the water (similar to your setup). Sounds complicated but it really is not.

If you put your filter immediately at the tank it is worthless, as the air is too hot and holds too much moisture. If you spray with the hot air, it will cool down on expansion and water will come out of your spray gun (not good). To give you an idea how good it works, it is very rare to get any water out of my final filter.