Ardvark -
I'm no expert, but will see if this helps. If it sprays full blast when pressing down on the trigger, without trigger pull back, I'm wondering if the needle is stuck in the bearing in a pulled back position. Try pulling the needle out and cleaning it, then with the needle wet with lacquer thinner, make repeated passes sliding the needle back and forth.
If the previous owner only did cleaning by spray rinses, it may just be a bit of dried paint clogging the needle/bearing fit.
Be sure to hold the AB in an inverted position, to avoid getting liquid into the air valve which can ruin the valve O-ring. Let us know how you get on with it.
Patrick