PVC is like a bomb waiting to go off! Most air compressors are oil lubricated and this will degrade the PVC line to the point of bursting and throwing sharp bits all over! The safe way to go would be rubber hose or thick walled copper pipe if this will be a permanate set up.
Don't forget when plumbing the lines to allow condensation to flow to drain valves. The website
www.practicalmachinist.com/vb/forumdisplay has covered this matter and I believe a plumbing diagram is in the files.