So as part of working to solve my 'there is water in my air compressor' issue, I researched online, and one thing people do is add a after cooler before running the air into the tank. One other thing that they did was add an extended drain to the bottom of the tank to make draining it easier.
Since I still have to research how or if I could redo my compressor to use an after cooler (I know I could, but I have to decide on where it would go and how it would attach), I decided to start with the extension drain. That at least installed fine and worked great...it drains MUCH faster than the old drain, and is outside the tank base vs under the center. This should make it much easier to drain any water that accumulates.