This paper describes a conservative approximation algorithm that derives close to minimal buffer capacities for an application described as a cyclo-static dataflow graph. The resulting buffer capacities satisfy constraints on the maximum buffer capacities and end-to-end throughput and latency constraints. Furthermore we show that the effects of run-time arbitration can be included in the response times of dataflow actors. We show that modelling an MP3 playback application as a cyclo-static dataflow graph instead of a multi-rate dataflow graph results in buffer capacities that are reduced up to 39%. Furthermore, the algorithm is applied to a real-life car-radio application, in which two independent streams are processed.