Sand now becacuse of the fisheyes. You are probably going to sand through to primer in a few spots anyway. You may need to strip and redo the running boards just because they are a PITA to try to sand.
Check the instructions for the paint, be sure the recoat times are correct for the paint, reducer and hardener you are using
Read up on adjusting and testing your gun, I assume by the numbers that you posted that you are using HVLP. Be sure to adjust your air pressure with the trigger pulled.
HVLP will use a lot of air in a hurry, so be sure your compressor can keep up. Low air pressure will cause poor atomization, which in turn causes orange peel. Like others have said, you need a good water separator and filter.
Also, be sure you are washing your parts with soap water, then going over them a good wax and grease remover. I also go over everything with a tack rag right before I shoot, as in standing there suited up with a full gun ready to go.
A couple of things that I have found that help with orange peel are:
Higher pressure, (try 30 PSI)
Higher temp reducer. Your paint guy will probably trade your unopened reducer for another. Don't be afraid to go up 20 degrees or more. Keep the recoat times the same.
When mixing the paint, a little extra splash of reducer helps also.
Keep the gun close to the work. HVLP guns need to be held much closer to the work than a conventional gun. Mine work best at 5-6". You can test this by holding the empty gun with the trigger pulled and slowly moving your other hand toward the nozzle. You will feel a point where the pressure picks up considerably. This is where your gun atomizes best and should be the distance that you paint at.
Make sure your metal temp is the same as the room temp. If it has been sitting out in the sun, the sheetmetal can easily get over 100 degrees.
Also, don't get too frustrated, you can fix a lot with color sanding, and it is not too hard. Below is the dash on my 40 that I painted recently. You can see the orange peel on the top where the dash pad will be. The bottom is color sanded and buffed.