Hello,
I do a lot of sandblasting. actually for many pieces I spend more time on sandblasting than on turning (you can see some pieces here in the gallery or on my site at
www.lavieenbois.com and go to "the sand" gallery)
what you need is plenty of airflow. 22 cfm is a good figure to start with. size of the tank doesn't matter much, anyway it will be empty in less than a minute. in Europe you need to go to 3 phases power line for this, because it means at least a 5HP compressor . as John says, it costed me more than the cost of the compressor.
pressure: it depends on the effect you want, I'd say from 4 bars to 8 or more (sorry about the metric units, in my demo in Albuquerque I had everything converted to imperial but I don't have the slides with me now)
of course you could do with a smaller compressor, it all depends if you want to blast something occasionally, or are really serious about it. I burnt a 3HP compressor by running it too much.
the "speed blaster" with a tank on it is a good option for a small compressor and occasional use.
don't forget safety, do this outside dressed like an astronaut or use a closed sandblasting cabinet.
Pascal