No good deed goes unpunished.
The drain valve on the compressor is difficult to get to. Kind of down in a shallow pit in an out side closet. So to get to it, I tipped the compressor up on its side. About 30 degrees. Leaned it on the wall against the guard around the pulleys and belt. Opened the valve with a pair of pliers. Was surprised it only spewed a little mist. I stood it up onto its wheels and tipped the front up so as to drain the tank toward the valve. Got nearly nothing. The compressor ran because I was bleeding it. Then the compressor stopped and the motor kept running. I unplugged it quickly. Turns out oil spewed out an lubricated the belt and pulleys. Spent about half an hour cleaning and re-cleaning them to restore the traction.
Blew the water out of the air lines and was good to go. I will be getting a drier this week.