Rob,
Your compressor driven vacuum system is actually a venturi. Its advantage is that it does not cost much. The disadvantages include the following:
- Your compressor will be running a lot so if it is noisy, you might consider relocating it away from your lathe.
- The venturi is also noisy.
- The achievable vacuum level is somewhat limited compared to a real vacuum pump. The vacuum level that it could achieve with a vacuum veneering system is much greater than what it can reach for vacuum chucking because a vacuum veneering system has essentially no leakage while, by comparison, there is always considerable leakage with vacuum chucking.
- A rotary vane type vacuum pump has the capacity to handle a considerable air flow while maintaining a respectable holding vacuum. A venturi has only a very small flow rate capacity while maintaining a decent vacuum level.
In addition to the other advantages of a real vacuum pump, they are generally quiet.
There are several types of vacuum pumps. The most desirable for woodturning use is a rotary vane pump. Diaphragm vacuum pumps are the lowest cost, but are not much better than a venturi because of their relatively low vacuum level and limited flow capacity. They are also a bit noisier. The other type sometimes used is a piston pump. They achieve the highest vacuum level, but generally do not have a large flow rate capacity. Their vacuum level also is not smooth, but has a large ripple in the vacuum level. An accumulator can help a lot to smooth out the vacuum pulses.
You can give your venturi system a shot -- a number of turners use them. Just recognize its limitations and be very gentle when turning the bottom of a vessel.
If you buy a vacuum pump, I would recommend the rotary vane type -- specifically a 1/4 or 1/3 horsepower Gast pump. And make sure that it is the dry vane type and not the lubricated vane type. You can buy one from Craft Supplies for about $400, but they are about the highest priced place that you can find. A lot of turners, including me, have bought used Gast rotary vane vacuum pumps on eBay for much less than the cost of a new one. I was very fortunate and got a barely used one for about $25 from a company that makes orthotics. The typical eBay price is $75 - $100. Make sure that you thoroughly check out a seller before buying.
Of course, the pump is just one part of the system. You will need a vacuum chuck, rotary coupler, hose, manifold, valves, filter, and vacuum gauge. I made my own vacuum chuck and rotary adapter and saved a lot of money.