....hmmm, depends on the blasting cabinet and its requirements. That said I would DEFINTELY NOT go with the 3hp.... it would never "catch up" with steady blasting..and besides...you will ALWAYS want more air.
Lots have been said about air compressors. Do a search and you'll find hours of reading. I also think some shopping around may get you more hp and maybe 19-21 cfm.... as "suggestions" try Tractor Supply or some farm stores.