It is doubtful that a 110 compressor will keep up with a blast cabinet. The harbor freight numbers are pretty optimistic in my opinion.
Paint guns are pretty much a matter of personal opinion, but for most hobbyists, mega buck guns are not necessary. I am sure there are many good medium priced guns. I have a pair of HVLP Sharpe guns I bought a few years back, one for primer and one for finish paint. I don't think you can get anything but HVLP guns any more. If you are doing very small parts, some of the older guns you can get used can be very good. I have an old Binks #7 gun and an early DeVilbiss gun that I will never get rid of, especially the DeVilbiss. Laquer (yes, I know, you can't buy it anymore but I have a bunch stock piled) goes on so smooth, without any orange peel ever.
I just sold a house, and unfortunately, my built in compressor is going with it. It is a 220 DeVilbiss (sp?) oil free, 6 hp rated at 12 cfm at 90 psi, and it won't keep up with either my pressure blaser or a bucket style siphon blaster. And forget about keeping up with a cheap da sander. I plan to replace it with one rated for 18 cfm at 100 psi, just to be safe.
Having said all of that about compressors, if you don't mind waiting for the compressor to catch up, you can use just about anything.
Good luck.
Lynn