Steve, running a sand blaster on 3hp is a loosing proposition. I am running a 5hp, and have burned through 4 compressors. The problem is the duty cycles for these (home depot) light series of compressors is only 50%. So, regardless of the tank size, we are overworking these dinky little things. Mine runs continuously at a sustained 60 psi when I'm working. The 60 psi is fine, since I don't need that much pressure on my parts,but the continuous duty cycle kills the compressor rings.
I have learned to stretch mine by only blasting one tank and then grabbing a water while the compressor cuts off and cools for 10-15 minutes. I change the oil daily when I'm blasting. Using these precautions I can get about a year out of my compressors.
If you are serious about blasting, the continuous duty compressors start at $1400 and go up...that's compressor only, no tank. It's also huge. I have no room in the garage for one, so I just fork out $300 a year for the cheap single stage Junkers. Interestingly, the continuous duty will run on your 3 or 5 HP motor. The motor is better prepared for the beating than the compressor.