James B,
Any kind of sandblasting uses horrendous amounts of air. The smallest siphon blaster Northern Tool lists uses 7CFM @80 psi. That almost maxes out your new air compressor...pretty scary.
Your compressor choice was great. To do the occasional blast job, the drill would be to blast a little, and wait a little! This will work, but you have to keep an eye on your compressor because if you grossly exceed its duty cycle, it will cease to exist.
Northern Tool shows a neat pressure pot that holds 90 pounds of sand. Using a 1/8" nozzle (dinky) this thing still eats up 15 CFM @ 80 psi. Are you starting to see the picture on sand blasting.
Stuart