Between the tank, 1st stage regulator, some fittings and a pressure gauge, your probably looking at $500 new. I had everything used lying around, rebuilt everything, and had next to nothing in the setup. CO2 would certainly be a cheaper initial and continuing cost. See warning about CO2 at the end of the post.
CO2 is a liquid that vaporizes in the tank as it's used, just like propane. Filling the same tank to around 2,000 psi with air, the tank with CO2 will have approximately 3 times as much gas at ambient pressure as the air tank.
I like my scuba tank system although it is more costly for initial purchase. The big risk with CO2 is that if you develop a leak, depending where the leak is, it could easily kill you! My tank is in my pilothouse. With the pilothouse windows and doors closed, if the tank emptied, approximately 50 cuft. of CO2 would be in the pilothouse, enough to easily kill me. With the tank in the engine room, if it leaked down over a few days, there might be enough to kill you when you went down to do the prestart engine room check.
Food for thought when dealing with CO2.
Ted