You have sufficient HP, if in fact a true 5 hp, but a smallish tank.
To see if "true 5 hp", look at nameplate of motor.
Should be about 20 Amp minimum, maybe 22 or so, AT 230v.
If you don't want to wait for pump up refill time, , you need a 60- 80 gallon tank.
Need 2x #10 for hots, no neutral, also need ground.
If you have a TRUE real live 5hp, you should already have the 220/ 30 amp ckt.
If you need to upgrade your circuit, "How hard wiring " depends on where your panel is.
Most economical all said and done "10/ 2 + Grnd" "NMB "Romex" cable.
Purchase by the foot at local Big Box.
For a small sandblaster, to totally "Keep up", you need 20 cfm minimum.
For full blown "keep up", for a small home shop blaster, like 25 cfm wich will mean 7.5 hp minimum for like $2.5k plus for new roughly.
"Keep up" is not at alllll necessary unless you are doing it like literally every day.
I have a pressure pot small like 60 lb hopper/ sand capacity blaster, and 18 cfm ran it fine for like a BBQ or smaller trailer, or car frame.
Put a $50 portable cooling fan onto it, and did spend a little time for "catch up", but not bad at allll for infrequent blaster use.
Totally sufficient.
But too small for bigger jobs done frequently.
Marc
http://www.garagejournal.com/forum/showthread.php?t=360354