The biggest expense in sand blasting is the compressor. It doesn't matter what else you have, if you can't even propel the sand for as long as you need in order to perform a uniform finish on a knife. A small compressor from the big box home improvement stores won't cut it. Sure, it might spray for a few seconds but quickly you've exhausted your tank and the compressor is trying to pump up the air but you are expending it faster than it can be created. If you have one, post up the SCFM specs and we can determine if it will work even if you have to spray until it turns on, and then wait until it gets back up to pressure.
I have the middle size Harbor Freight cabinet. There is one smaller which could work for you IF you won't be doing any large bowies. I updated it by using silicone to completely seal the entire thing because despite the claims, they do a horrible job. I added lights as well as new gloves and purchased a better gun from Eastwood. This is one of the few guns out there which can be dialed down to use a compressor that only supplies 9 SCFM instead of most which want almost 20.
Also, you'll need some way to clear the dust inside the cabinet, regardless of size. Spray for more than 10 seconds and you won't be able to see your hands inside. I've adapted a shop vac but it uses a water trap as well to keep it going as long as I can. The water trap works extremely well.
IF you have a compressor that can supply the eastwood gun (the harbor freight gun really needs around 15 to work somewhat decent), and purchase the smaller harbor freight cabinet, I'd guess you could have a setup to do smaller knives for around $250.
Thats the small cabinet, new blast gun, silicone to seal the interior, lights to see, blasting media and parts to make a water trap (without it, you'll kill any shop vac within a few blastings, the fine dust is MURDER). Plus some hours in fabrication to get it ready to use.