I first read about the "copper coil in a bucket" air cooler quite a number
of years ago on r.c.m. and have always wanted to make one. Finally, I got
around to it. See
http://www.tinyisland.com/Air%20Dryer/index.html if you
want to take a look at mine.
Now to get to plumbing in the clean air supply for the plasma cutter ..
GWE