Todd,
If your thinking of a blaster you'll first need a compressor because a blaster really eats up air. I got a 7hp, 60gal, 17cfm,2stage, I.R.comp. just to get some blasting done. I had a smaller one but I would have to stop and let it catch up when blasting.
I've been using a small Sears unit which holds 50lbs of sand for years. It was cheap to buy and works good.
I can't say it works well on real heavy rust,but that kind of rust I feel needs to be done with a commercial type blaster, which when I run into it pays to have done because of all the sand I would eat up doing it myself.
Stripping I feel is done with various methods- chemical,media,sand blasting, each used when that method works the best for the job at hand and I've used them all.
Dan