1 - stir paint well, pour through strainer into container. stir reducer well, pour equal amount through strainer into container. how long can this mixture sit around before it is no good?
2 - how long between coats?
Can you find a data sheet for your paint? These two will be listed on there as re-coat time and "pot life".
I second the HF regulator at the gun, I usually knock my air down near the compressor to get it close, then regulate it again right at the gun. Don't forget another cheapie gun-filter right at the gun.