Mike,
Thanks for the idea. Two thoughts:
1) I wonder why the construction specifies the use of epoxy to hold the PVC parts together? Usually "gluing" of PVC is done with PVC "cement", which is actually a solvent that welds the PVC parts to each other. I'd trust it a bit more than epoxy.
2) Temperature:
Per the info at this site (
http://www.harvel.com/piping-systems/gf ... e-derating ), the maximum service temperature for Schedule 40 PVC is 140 deg F (and solvent connections are preferred at these higher temps--see above). At 140 deg, the pipe can take pressures only 22% of what it can withstand at 73 deg F. Now, in an air/oil separator the container won't see any real internal pressure, but I would be concerned about the strength of the threaded connections, etc.
CPVC pipe is typically used for higher temp applications. Most hardware stores have a smaller selection of CPVC pipes and fittings compared to PVC, so it might be more challenging to find the needed parts.
Anyway, maybe the PVC idea will work just fine, the preceding is offered for consideration.