It definitely sounds like 1) the paint is too thick for the selected psi and 2) the psi is pretty darn low.
Here's what I found over three solid days of practice with my 4704, compressor, gray tip, and MM enamels.
The lowest pressure that I can spray straight thinner AND get a consistent spray pattern is about 9 - 10 psi.
For every 10% paint I add to the mix, I have to increase pressure by 1 - 3 psi. It doesn't require a lot of adjustment for the first 10% - 30% of paint, but after that the required pressure increases dramatically.
The hight ratio of paint to thinner I can spray and get a good pattern is about 70% paint to 30% thinner at near 22 psi. 80% paint (MM enamels) will not go through my brush with the compressor I currently own (mini blue).
My best spray patterns typically occur with 30% - 40% paint mixtures and a pressure of around 15 - 18 psi.
Again, this took three days to learn and even today, I will experiment with various paint combinations to see if there are improvements I can make. I haven't even gotten into the fact that different colors of the same line of paints will act differently...that can get really confusing.
Good luck and let me know how things work out.