Depending on the relative elevations and arrangement of stuff, you may not need a fancy spigot on the outside. My house has secondary valves inside the basement that can be used to shut off the water to the outside spigots in fall, along with a bleed cap I can open to let the water drain out of the pipe between the interior of the basement and the exterior spigot. There's no need for an air compressor since if you leave the outside spigot open when you open the bleed cap gravity does all the work.