Mumm,
Unless you are trying to blast your frame in one fell swoop you runit is a no go but if you are just trying to clean up some small parts, moldings, or sheet metal areas you cannot get to with a wire wheel or DA, then your compressor, while still undersized, will do the job as long as you are patient. That is the same size unit I have and I have used a siphon blaster off it many times. I do have to wait for it to catch up but it got the job done. If yours is the oil lubed type with the cast iron pump you are good to go. If you have one of the other sytle then do not expect your compressor to last very long. I would sell it and get a oil lubed model. You may even de able to run a small pressurized blasting pot off that compressor but those require more omph to work well than your unit, or mine, can supply.