There's no reason at all why that is impractical, and many people (including me) winterize that way all the time. Setting the regulator on the compressor to around 40 psi is plenty and will avoid possibly overpressurizing the water lines.
Basically, you drain the fresh water tank and water heater, open the low point drains, and run the water pump until it's completely dry (or as dry as it can get). It's not harmful to operate them dry for a few minutes (or more). Then, close the low point drains and hook up the compressor and bypass the water heater and, one by one, open each tap and low point drain until only air comes out. I usually go around a couple times to be sure everything is dry. Then just put a cupful of antifreeze in each of the drain traps and in the bottom of the toilet bowl and drain out any bit of water that collected in the gray or black tanks from the process. (I'm assuming you started with them empty; if not, just dump them normally.)
One advantage of blowing out with air is you don't have to rinse out antifreeze in the spring.