I've just finished ("just" as in 2 months ago and haven't touched them since) doing the airbrushed portion of my necron royal court. I sprayed them at about 8psi with SUPER thin paint for the
OSL portion / details. This does exactly what you said with slowly blending & building layers. Sounds like your compressor is using a bleeder valve and doesn't have a regulator on it? If that's the case, a $20 regulator would fix that. Or does the bleeder valve work in conjunction with the regulator (kinda odd way of doing things but I wouldn't put it past a discount compressor)?
I know I'm in the minority but when I needed a new compressor I did a 180 and went with CO2 instead of compressed air. I live in an apartement and like to paint late night, once the GF has gone to bed. So I made my choice on the following factors:
1) Absolutely silent save the hiss of air when spraying (teflon tape all your fittings)
2) No moisture trap needed (not huge but nice not worring about ANY posibility of sputtering)
3) No electrical outlet needed so I can paint wherever I can put my cardboard box paintbooth (almost anywhere)
4) Cost - a one time setup (regulator / fittings / 5gal tank) fee of $130USD and about $10 for a fillup after that
With a 5 gallon tank; at 20psi you get about 20 hours of spraying time - at 8psi I stopped keeping track after about 35 hours (I estimate about half the tank is left but I haven't weighed it).
In short, think about what you need and explore all your options. There's a lot of info out there. Good luck in your search and I hope this might have broadened your horizon!
Edited spellings stuff