As stated above, the way you seal the system would be one of the most important parts of the build, both for keeping the "blade" extended, as well as safety.
First off, airbags are able to deploy so quickly because they are not a sealed system... hence they don't pop when exposed to high pressure instantaneously, and why they don't say inflated for more than a few seconds.
Coming from a paintball background of about 15 years, I can't stress the dangers of compressed gas enough. Your best bet would be to probably use 1 or 2, 12 gram CO2 cylinders for your air source, but building a regulator small enough to fit in the handle, as well as precise enough to match the pressure rating of whatever fabric/plastic you use for the blade would be a challenge.
As well, you would be far more successful adding some sort of needle valve to the hilt to slowly release pressure into the system, then close it as soon as the blades are out.
If you do attempt something like this, and plan to use compressed gasses as your actuator, please please please seek out someone with previous air smithing experience before attempting to build it.