Actually, lowering the air pressure isn't the best idea for cutting. It can be done, but I have found that there is a better way and you will get better results... Downsizethe consumables for the amperage is a better way. The air pressure you cited is too much on the input side and on the operating side. You should be at 90 psi NO more on supply while static. Operating you should be no more than 73 or so (officially). You can buy smaller diameter holes for the PowerPlasma torch. The S-25 consumables will fit the S-45 and are designed for low amp cutting at the same air pressure.
Is the arc stuttering or going on and off completely?