There was a story going around some of the automotive modeling forums 2 or 3 months ago about someone that had used a range hood to build a booth and had an explosion and fire. I don't know how it happened but my guess would be a short and a spark. That could happen with just about anything.
I thought about using a range hood but decided it probably wouldn't move enough air. If you do use that hood then check it out and make sure all the connections are tight and that the fan blade doesn't wobble. Maybe take the switch out of the hood and mount it somewhere on the outside of the booth. If you're using water based acrylics then the only real concern is will it move enough air. If you're using alcohol or solvent based paints then you have to be sure there's no sparks.
When I built my booth a range hood or large bathroom exhaust fan was actually more expensive than the Dayton blower I ended up using. At Grainger it was $65 - 70 about 7 years ago. Worth every penny...
Tony