that compressor, IMO, is not up to what is required to properly supply air to an HVLP gun. also that is a lot of hose to be using with such a marginal compressor, as noted make it as short as is possible for your situation.

one thing to note is that its not the static pressure that matters, rather the pass through pressure (i.e. when the trigger is fully pulled) that is what you need to pay attention to. as MDP notes, the use of a regulator/pressure gauge at the gun will allow observation and tweaking of the pressure. With an HVLP gun you are going to be very hard pressed to cause the effect I referred to in my previous past (i.e. too much pressure creating orange peel effects) and I might go further and say with your setup it would be impossible for that to happen, which leads to the most likely conclusion that you don't have enough air supply to properly atomize the lacquer. you can try and thin the material out a bit more, but you will be playing the game of not getting runs if you are putting on a properly wet coat.

in the big picture you can also consider that you are spraying a product you plan on wet sanding and polishing, so even though it will require more effort, you should still be able to get a good finished product.