Mike -
After my tour with the SCUBA cylinders, it was easy for me to choose CO2. Yes, CO2 is liquid in the cylinder and boils off at room temp to around 850 psi. This pressure is pretty constant and the only drawback I've run into is the fact there's not much of a hint that you're running low on gas, hence my backup cylinders.
As for the conversion, it was pretty straighforward and as long as the cylinder can pass the safety test, you're in. I found three old CO2 fire extinguishers in my parent's garage and had them all converted. I ended up giving two away to guys in our local club when I found the 20 pound cylider I currently use. As God is my witness, I drove to work, parked and right next to my car was the cylider, laying on the ground. Well, it took me all of three seconds to realize what it was and hump it into the trunk! Talk about pennies from Heaven...
The real problem with my SCUBA rig was the costs. Refills were around $5 but yearly inspections were $25 (x2) and the looks from the owner of the dive shop when I needed a refill in the Winter were classic. My old, steel cylinders are rated for 3000psi but they were typically filled to around 1800psi. That translates to about 80 cubic feet of air. I've yet to find a table to compare cubic feet versus pounds for industrial gases...