Yes technically it would work.
I'd definitely get a self draining unit as that small piece would fill up in a hurry becoming useless.
Also the more oil in it the less effective it becomes.
Personally I think it would be too small due to the amount of air going through it and the long/extended run periods.
Also I do not know if their efficiency drops at low psi levels???
I much prefer a large unit that filters as much oil vapor as possible over a tiny unit.