I've used the wet blast to remove graffiti from CMU walls. The following observations:

1. It works, but can be tedious
2. You can't allow water to travel back into the siphon tube at the nozzle or the abrasive media will get wet and clog.
3. I may have used "00" kiln dried sand, but it's been awhile.

As far as consumption, I don't recall. It would have been hard to estimate given how much chugging and inconsistency I experienced. It's the same thing with Soda blasting, which I didn't find that impressive. I would experiment with different types of abrasive grades and equipment control before deploying to the job site. Nothing worse than trying to figure all that out at the job site once the clock starts ticking.

Summary:
It does work, but no where near as well as actual high compression abrasive blasting.

 

Here in Oregon, in order to wet blast an old home, we'd still need to find a way to contain all chips & debris that's being stripped, and quite possibly even the water, depending upon the extent of contamination. You might wanna check your states abatement regs to insure compliance, if you're into that sorta thing.

 

I've got what I suspect is the identical blaster myself, and I'd never consider doing anything of that scale with it. It was really quite a disappointment, and I've only experimented with it on a few occasions as a result (I agree with CApainter in all regards.)

When you were blasting with Black Beauty in the booth (on steel) you didn't have to worry about water getting back into your sand, and the steel substrate wasn't going to get gouged out here and there if you lingered a little too long in one location. Sand consumption was alarmingly rapid when it wasn't clogged, but since it was never more than a few minutes between clogs, I didn't end up using all that much sand! Keeping the siphon tube AT ALL TIMES above the nozzle was vital, because even getting a little trickle of water into the sand-siphon hose meant shutting it down and cleaning out the clog. Then there's the question of having an adequate air-supply that's portable enough to get to your project (though at least it doesn't have to be dry air!) And it's really easy to lose track of where your sand supply is and have a mist or direct spray of water end up in it while you're focused on the blasting - in which case you'll have a lot of damp sand that can't be used for quite some time.

Not to discourage, though - and I'd like to know if you find it works well enough to be useful - so I would suggest you give it a try, but with minimal expectations. As you probably would expect, it will be key to keep the nozzle far enough from the work so that you don't sculpt the wood out here and there, but not so far that you leave loose paint behind. And of course, it's going to soak the wood like it's never been soaked before, so follow-on steps must accommodate drying concerns.

Before I bought that rig myself I suspected there was a reason that 'industrial versions' were so much more expensive and complicated, and indeed that proved out, in my experience.

My weapon of choice would be a...can't recall the brand-name now...but it's a modified angle-grinder that carries a carbide-bladed rotary planer head instead of a grinding-wheel, housed in a full shroud to contain the flurry of chips, with a depth-of-cut adjustment that works quite well. You'd connect it to your HEPA vac with an automatic tool-triggered switch, put on your PPE, and watch as bare wood emerges in one or two passes. Granted, it often leaves a surface that's not paint-ready without D/A sanding, but that's also going to be the case with any blasting operation on wood.