Ya there's two inlet ports in the top of the tank. One for each of the two pumps. Each inlet port has a solenoid valve on it with a line coming from the bleed off valve on the corresponding pump. That I suppose is to cut off the tank from the pumps when the pressure switch cuts off and the bleed off valves lets the pressure off the pumps as a way of making the next startup easier on the motors.
I think you're right, I can definitely build one a lot cheaper.
The factory version with a cooler actually has two coolers, one for each pump. If I build one my idea would be to tee the two pumps into one cooler, then from the cooler via a water trap into one of the tank inlets and just plug the other inlet. I could keep the solenoid valves on the lines to the tee or just use one of the solenoid valves after the cooler and before the tank. Just a question of which is better, keeping the cooler under pressure or bleeding off the pressure from it as well as the pumps. I'm not sure if there's a meaningful difference.
I live in Arizona at 5000' elevation so it's reasonably dry here but we do get some humidity during monsoon season. My use, for now, is pretty low on air. Usually just blowing off chips, running a fog buster, etc. I am probably going to live with it a bit before I decide what to do.