Yes, having the regulator and gauges RIGHT THERE can make a huge difference in convenience and operation. Always made sure I had a similar set-up in any shop where I worked.
If I ever get a decent compressor that can live out under the carport (outdoor shop) roof, then I'll do something similar I'm sure!
Daniel, I should have done this ages ago. Main problem now is the noise from the direct drive compressor. I have been looking at belt drive ones and there's a newer type that's supposed to be almost silent (advertised that way anyway).