Most of the regular priced (economic) HVLP guns are designed to run at 40 psi at the gun.
I run the shop at 90 psi for tools and have a tee split off from an outlet through a separate water trap and regulator that drops it to 40 psi.
I'm spranying with the purple HF gun. My last spray was at 20 psi but came out a bit grainy, I guess in need to play with the adjustments more.
Thanks