Unless the compressor system has a seperator, it will have moisture in it too, that's why compressors have a drain on the bottom of the tanks.
Use really hot to boiling water to make the final rinse to heat the metal good and you won't need to use compressed air, it dries super fast, lube or oil it right away, I've been using that procedure for the last 20yrs or so, it works well. You could also use WD40 to get rid of any moisture, then wipe it out and use a better protectant, although WD40 isn't all that bad for short term protection, it rated better than several others in the GunZone test.
I hook an old washer hose to the utility faucet in the basement, the hose without a fitting on the end is the perfect size to fit snug in my CVA and TC inline breeches, just turn the hot water on and run it for a couple minutes and it will be hot and clean, then dries fast.
Breakfree CLP is one of the best and readily available lubricant/protectants you can buy.
Tim
http://www.6mmbr.com/corrosiontest.htmlhttp://www.thegunzone.com/rust.html