I have a harbor freight tank type pressure blaster. I think it says 40lb blaster, but it holds about 80lbs of sand at a time.
http://www.harborfreight.com/40-lb-pressurized-abrasive-blaster-34202.html
CFM vs Pressure of your compressor will be the performance factor of sand blasting process. The rating of the sand blaster in cfm, you will want your compressor to run that cfm at max pressure in my experience. So, if the sand blaster says 9 cfm, your compressor should do 9 cfm at 140 psi.
My blaster uses more cfm than it claims. This is why I suggest the ratio I listed above. I have a new 3 cylinder compressor with a 11 hp gasoline engine running into a 60 gallon tank with 3/4" tube steel connecting the two. I run the gasoline engine on high. My compressor manufacturer claims my unit is 16.5 cfm at 175 psi. Dunno if that is accurate, it is USA made. So, I can run the sand blaster constantly until it runs out of sand. The CFM vs pressure equilibrium ends up being about 80 psi in the blaster tank (90psi at compressor) probably running about 15 cfm indefinitely. I need a bigger compressor still.
If your compressor is small, you will have to blast, wait, blast, wait. I would say you dont want any smaller than a 25 or 30 gallon compressor that pumps 10 + cfm. I would get the highest cfm compressor you can reasonably afford.
My blaster has ceramic tips which wear out about 1 tip per 3 solid hours of blasting, so I bought 10 xtra tips from HF for like 10 bucks. When the tip gets worn out, the hole in it opens up to about double(1/8 to 1/4") making the velocity of your blast lower, using considerably more volume of air and sand. So keeping tip in good condition is important to keep sand and air usage under control and keep your blast velocity high. Someone on this board said you can get tungsten or similar tips that will last like for ever on EBAY.
Of course if you are running a little suction feed blaster you can probably use a little air compressor.
I built my compressor system from new parts that I bought separately but harbor freight has a gasoline 50 gallon 2 stage compressor for 1000 bucks that looks pretty beefy.
I use sand from Lowes for 10 bucks a 100. I just asked them "wheres your sand blasting sand and they pointed at it.
I stripped bare my entire car inside, underside, and out (excluding delicate exterior panels).
Sand blasting is the only way to ensure an item with a little rust on it has been 100% cleaned. Blast it to bare metal, there is no rust left!

Sand Blasting heats metal so you dont want to blast thin body panels they will warp supposedly. Dunno. I never tried.
Different medias may not heat panels as bad according to an expert paint/body friend.
He does custom and factory type restorations to concours quality and says his blasting media does not heat panels and cuts 3 times better than sand. It is some sort of coal slag or crushed glass (dunno).