The sandblaster consumes 7 CFM at 90 psi. The HVLP consumes 6 CFM at 40 psi. Your compressor is rated for 2.1 CFM@90 psi and 3.4 CFM@40 psi, so would tend to think it wouldn't run these guns adequately, even for small parts.
Any kind of media blasting uses a lot of air. You'd be able to blast for a few seconds, then would have to wait for the compressor to refill and repeat the process over and over.