Hello Mike,
I got my PC PSH1 HVLP this week too. Haven't used it yet, but it looks like a good gun. Based on the literature, I'm going to crank the compressor down to about 90 and then regulate the pressure to 40-45 at the gun with the gun regulator. Lately, my system has been blowing a lot of water with the air, probably time to bleed the tank, but I'm going to get an air dryer to wring all of the water out of the air. You can get by without an air dryer by bleeding the water out of the tank every time you spray.