[CorneliusRox]

Just throwing this out there, but in Colorado Springs, you've got almost no humidity (why swamp coolers work), so I feel like a dryer is a waste. If you're doing paint, get an oil separator, if not, it's good for your tools ;-)
Rotary isn't necessarily going to help your situation at all, and I would think that you could set the shop up with air ports all over and keep the compressor in a cabinet or even make a little box for it outside, if noise in an issue, and you'd still have money left over.

I am also not sure on life of rotaries. I know that solid piston style two stages for 50 years back still seem to work pretty well though. That might be something to look into (repair/maintenance) costs.