The only thing I see that you should definitely change is to put your safety valve in the tank (preferrably as high up as possible in the tank). This way the internals of the safety valve don't get damaged from any mositure or get sticky from any oil in the system. Super im portant since you wanna be sure that valve does NOT fail if it should come into play
ill get something like tallchevy linked so i can do this.
Also, you might want to add a bypass line with a 1/4 turn valve to the ARB to the "tank side" of the compressor just in case there is a situation where you either can't or are unable to operate the compressor and as long as you have stored air in the tank you can still operate your ARB. All you do is leave it closed under "Normal" operating conditions and then open it if there is any sort of compressor "non-run" circumstances. 
sounds like a good idea, i might have to work that in
