After reading a post on another forum last night I went out & drained my air tank & removed the drain valve & reducer & installed the a ball valve that fits the threaded hole in the tank.
I pumped up the 50 gallon tank to 120#. Then I opened the valve you can just about guess what happened. There was a 3 gallon shop vac the old metal can style vacuum & a full faced clear mask for turning wrapped up on top of it about 2' from the bottom of the compressor. Well the vacuum ended up about 6' away & the mask was about 18' away & the valve was frosted over. I am happy to announce there is now no water in the bottom of my air tank. The opening on the valve is around 3/4"-1". I just crack the valve & let her rip. What a difference...WOW.