Honestly, no. HF stuff is junk. I have the $26.99 "air filter" from HF, and it's OK for a pre-filter, but it's not good enough to get all the bits out.
If you're really serious about cleaning your air, consider a Sharpe filter, along with a Motorguard filter. The Sharpe would be good enough for sandblasting, and then the Motorguard after that for painting. Even though the Sharpe looks kind of like the HF model, quality wise, there's no comparison. Sharpe is superior.
I got mine from
http://www.spraygunworld.com
Sharpe:
http://search.cartserver.com/search/...ywords=SHP6710
Motorguard:
http://www.spraygunworld.com/product...uard%20M60.htm
The way I set my air up, I went:
~40 ft 3/4" copper -> Harbor Freight Filter -> 50' of 1/2" copper coil -> Sharpe Filter -> Motorguard Filter -> HVLP gun
The HF filter in my setup gets quite a bit of moisture. The Sharpe gets a little. The Motorguard, after 2 years, I'm still on the original filter. No problems at all with it. I've been very happy with my setup (see my build thread at
Plumbing shop for air ).
I don't use the regulator that came with the HF filter, it is CRAP with a capital CRAP. I have a Campbell-Hausfeld 3/8" NPT in/out regulator, it works MUCH better.