Mike,You are clearly doing the right thing with the drier you have on the output side of the Shoebox - passing the air through a desiccant at the highest pressures is clearly the best possible way of drying the air. Of course with a Shoebox, that comes at the high "cost" of time to pressurize the filter, and that is wasted air too. But it certainly is dry air!You are doing everything right in feeding the Shoebox, although I am not sure what you mean by a water separator - does that have a desiccant in it? I use a big Wilkerson dryer that holds about a pound and a half of desiccant on mine (the dryer is rated to dry to a dewpoint of -45 F at a flow rate of over 10 cfm, and a Shoebox is under 0.25 cfm).When you say you see "water vapor" blowing out when venting your Shoebox, you may be seeing condensed water blowing out. If that is the case, the HPA drier will clearly take care of it. I have not seen that with my set up (I too run a compressor in my garage, and plumbed the air into my workshop so it cools all the way down too, and I have water traps along the way).I have run about 750 cubic feet of air through my drier/Shoebox, and my desiccant shows no signs of needing dried or replaced yet. I will probably just replace it with Molecular sieve when it needs to be dried and then my air will be even drier. One thing I do though that helps is that I have ball valves in my air path into the desiccant filter to stop any air from getting to the desiccant when not in use - desiccants will pull moisture out of ambient air and become saturated when just sitting there (like with safe driers). I highly recommend this.
I was looking at that too but following Lloyd's chart (?) it comes up all 0s from filling my rifle.