I got my pressure blasting toys when the wife was quoted $1000 just to have her horse trailer "dusted off." Ironically for the past 6 months that same 20cfm compressor has been used to fill a few tires and an occasional air tool [but I have toys waiting for blasting, so it'll be used plenty again]. So if you have an econimical source for blasting, that is perfect [not to mention keeping the sand out of every oriface on your body].
On the other hand, I don't think your plans are unrealistic. Just looking at the pictures, I'd go for the Texas over the one you first listed, but skim the web for a few more brands [TP, Brut, ALC, Clemco, about a half dozen more] and you may find something as good or better. Also, Ebay often has good ones that somebody used for one project or used once and didn't like the mess. Remember if the tank is decent, pressure blasters are dead simple. A couple ball valves. Some hose [though $2.50 a foot or something outrageous], and a shutoff valve; everything from $10 cheapos to $70 to $125 for something not disposable.
As far as the IR, you're not really getting any more or less compressor<font color="red"> output</font>, but for<font color="red"> much more of your money </font> [you're paying for the Name and probably a little more quality]. I don't think it is a 2 stage [it is 2 cylinder], but if so that means slightly better efficiency, much better at higher pressures. Always preferring longevity and despising dishonesty in advertising, I'd have to do the IR if they were the only two choices, but I just don't think you need the gains it offers.
The best I can say is go with a big tank [you already have the smaller compressor] and cheap pump [220V is more effecient]. Then you can at least get a feel for blasting [a couple minutes at a time], and if you decided you want more air latter, parallel in an Eaton pump and motor [don't forget a 30amp relay or a starter].