On a previous post, I outlined the typical air requirements for abrasive blasting. The general idea is that the more air you have, the better. A recent string on ContractorTalk discusses this issue exactly.
One of the contractors that regularly posts on ContractorTalk has an excellent chart on his website – ThePaintPro.com – indicating the full range of blast nozzle sizes and the required CFM and compressor horsepower (HP) needed at different blasting pressures (PSI).