I recently upgraded from a 3hp 60 gallon single stage 135 psi 10 cfm to an old pressure lubed cast iron LeRoi Dresser 5hp 80 gallon two stage 175+ psi.
80 gallons is much nicer than 60 and having to pressure switch set for 150 psi vs. 135 on the old compressor means I have a ton of air stored. I can run a die grinder for 5 minutes or more without the compressor turning on. It takes 60 seconds to fill from 115 psi to 150 psi, and 5.5 minutes from 0-150. It is rated at 17.2cfm @175psi, but an online calculator shows 20 cfm average for the fill. Also, I installed a bigger pulley to set it at the proper speed for a 5hp motor, and it could be a few rpm higher than the 800rpm target. This thing is very quiet compared to the average 3hp aluminum oil lube compressor that home depot or sears would sell. I can stand next to it and talk by just slightly raising my voice (it is outside) and at 50 feet away you hear it, but it is a nice chugging sound that blends in with other city noises. Even right next to it, the noise is there, but it isn't harsh or annoying. Just the sound, even from 75' away, of the old cheap compressors was nerve racking.
At 100 psi at the blast cabinet, it will catch up and shut off for a few minutes. This is a HF cabinet that I rebuilt and installed a skat blast gun into, but I don't remember the size of the nozzle. It is small and it can take a while to blast heavy rust or large parts with medium grit glass bead.
TLDR: 17-20 cfm seems great for a small cabinet and running die grinders. 80 gallons is absolutely worth having if you have the space and want to run tools without cycling the compressor all the time, but 60 would work (I wouldn't go back to a 60). At first I was worried this compressor would not be big enough (it was only running at 600 rpm, 3/4 speed, when I got it), but at full output it is impressive. Big, cast iron compressors can be very quiet and they run much cooler than a small 10 cfm aluminum unit.
PS: there is no way I would think of blasting a whole car with less than 100 cfm. 200cfm would be much better and a 1/2" nozzle and a couple hundred pound capacity pressure pot. My uncle's father blasted the inner bed and tailgate (and the hood at a different time) of my truck with 220 grit aluminum oxide. They blast power plant turbines for a living and have big equipment. He knew how to not warp the panels and it turned out fine for a daily driver. I would do all the repairs on the car and then have it blasted by someone who does cars all the time, or better yet, have the car and parts blasted before you repair them so you have clean metal to work with. My family also has large blast cabinets and they run a 20 or 25HP 75 cfm LeRoi dresser compressor to run those in the shop. 5hp is very small. With a small machine it will be many hours of wear and tear on the machines and user plus lots of electricity, but I am sure it is possible if you are up to it.