I had a skat blast cabinet with basically the same compressor you have a while back and it works for really small stuff but for anything more than just a small bracket it turns into a huge pain in the ass. Like Christo says, just send it out. You'll hate the experience if you are going to sand blast all the stuff on the 40 resto yourself, hell I wouldn't even do a few wheels, I'd just give it to powdercoating specialties or something.
You'll get frustrated because it is taking for ever so you'll hurry the job and miss spots, the compressor will be working non stop so it will be hotter than hell which means you'll get a ton of condensation in the lines because the drier won't work. The sand will clog in the gun because of the wet air..
But for small stuff every once in a while it works.
If I wanna sand blast stuff now I use a pressure pot from HF with my compressor and my truck idled waaay up (york) plumbed in parallel and it doesn't keep up but makes it *kinda* work. I still hate it.