it Dib dib dib and yes I work my cock quite regularly!  you would be surprised just how much fluid actually comes out.
I just let it shoot on the floor and clean it up later.
I also have two line filters fitted mainly because I have air tools as well as using the air to blow projects down, I don't want any surprise stains on unfinished sanded surfaces.
 
The alt line is unfiltered and has an oiler in line so the tool gets lube for best performance.
Preventative Maintenance:- 
I also spray Inox into the air intake occasionally this helps prevent rust build up and when the cock is operated to produces a white semi watery fluid instead of something the looks like a endoscope is needed. 

Regards Rob