How do you drain that? The secret to getting dry air is to keep the moisture that has been removed from the incoming warm air away from the newly dried air. That is the problem I see with the idea of using an air conditioning condenser. The condenser does cool the air but there is no way to drain that moisture out of the air stream quick enough to keep the newly dry air dry. It will pick up the condensation in the condenser and make it wet again.
That is what is nice about the franzinator. It dries the air and keeps the dry air away from the moisture. It also makes the air change direction which also makes the air dryer. Plus it is so simple to make and does not cost much. It is a tried and true idea that seems to work really well. So far I am happy as can be with this simple thing. I'm pulling lots of water out of the air and it is making my plasma cutting much easier. Plus my tools don't have any water coming out of the exhaust ports any more.
On the subject of galvanized metal. Welding it is not a real problem if you use common sense. The guy who died was melting galvanized pipe in a forge and was being exposed to massive amounts of zinc. He did not allow for ventilation or keeping the dust out of his lungs.
As with everything, too much of anything can be harmful.
Powertig 250EX
Powerplasma 50
Hobart Handler 210 with spoolgun
Cobra 2000 / Henrob O/A torch
Drill press / metal brake / 36 ton air hydraulic press
Franzinated modified Craftsman 33 compressor
Lots of other metal working tools