Looks like that oughta work. I have had regulators fail before, which would be a bummer with the combined unit. Of course, that was using them full time in my cabinet shop.
In my opinion, you don't want an oiler. Just put a few drops of oil in your tools every day. There are certain tools that don't like oil. One of those is a pneumatic squeezer. Also, oil in your air lines means you can't use those lines for spraying primer and paint.
Have Fun!
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