Plasma Cutter And Oil Lubed Compressor

purchased a HF plasma cutter and now I need a large air compressor. The warning on the plas says no oil should go thru the system (or water for that matter)

So 2 questions I've got from a visit to Lowe's just now:

1. would this oil-lubed compressor f the plasma cutter up (since it says oil)?

2. They're selling these filters but it doesn't say what it's filtering (debris or water)??? would this filter keep out the water

Thanks!!!

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