I have hood that looks just like it. It works great. I have gotten a couple of tractor paint jobs out of it and now it is looking a little "nasty" from oils on my skins.
The only problem with a regular compressor is that they aren't made for it. You can get filters that would go in line to the mask, but I wouldn't go that way. I know the little motors/blowers are a little pricey ($200-$300) but it well worth it as you can run the air supply hose through cold water which makes it have cool air in your mask which is great when you are a tractor painting blitz. I love mine and wouldn't go back to the "old way".