Jim I assume you saw the "10 lbs" mentioned in the tech sheets or instructions with your gun. Go back and read it again and you will see it says "at the tip". That is at the tip of the gun where the air and paint come out. Now, you are probably wondering "how do I know what that is". Well, that is a good question, all you need is a $150.00 or so special air cap that has a guage for this purpose.
Here is the skinny, FORGET about the 10 lbs, that is for legal reasons only that it is in any instructions. It is required to meet HVLP regulations on that particular gun. It has NOTHING what so ever to do with YOU.
And, if you set your regulator at the compressor or something like that and you set it at 40, you are still not at 10 at the gun, I would say you are even lower than that.
FORGET all of that and start over. There should be a number like 23, 29, 50 something like that in the instructions or on the gun that say something like "50 lbs max inlet pressure". THAT is the number you need to be concerned with. THAT is the inlet pressure you need AT THE inlet of the gun. NOT at the wall or compressor but AT the inlet of the gun.
In fact, you could "up" that a little and what it will do is atomize your paint and clear a little more, not a bad thing. It "may" put you over the "10 lbs" HVLP rule on the gun, but unless you plan on getting a visit from the Air Quality Control agency in your garage, it shouldn't mean rip to you.
What kind of gun is it you are using.
By the way, I was a Martin Senour (NAPA's paint)paint for a number of years. Did you get a Sharpe Gun from your NAPA store as well?