Here is my setup with the two-way valve (not a three-way as I stated before):
I removed the hose from the compressor and added a short nipple and then the valve (with the yellow handle on the top). The hose to the tank (with the black coiled covering) connects to one end of the valve and a T is fitted to the opposite end. A hose to the rear connects to one side of the T and a hose to the front is on the opposite end of the T.
The hose toward the front snakes into the frame member and out near the grill. Here is one of the the front quick couplers with a 35mm film canister to keep dirt out:
and here is the canister off (the lid stays on the line):
Here is the rear quick coupler:
Each of the quick couplers are installed using panel-mount pipe fittings.
While tanks on normal (i.e., shop) air compressors are obviously there to keep the compressor from running continuously, our compressors runs continually regardless of whether the tank is in the loop or not. If I put the tank in the loop and run the compressor until it shuts off, it will turn back on the second I start airing up and continue to run until I'm finished. So, it isn't helping in the case of airing up. It would be beneficial when using an air tool where a high PSI is needed for a very short time...