that will work fine. you can even get away with the cheapo little gun with a 1 quart reservoir on the top if you don't intend to recycle the media and you can do your blasting outside. I'd strongly recommend getting a hood, though, if you do that. the media does get all over.
depending on the steel you use, it may even be advantageous not to recycle, as if you mix steels, blasting a stainless blade with media that's been used on low alloy stock will cause small bits of the low alloy to be imbedded in the stainless and you'll get rust specks.