NO - loosening the knob decreases the output .
The drains or one of the filter bowl drains is leaking air ?
That might be all it takes with the low volume output of that compressor .
How long did you pull the drains shut , cuz it might take a 1/2 minute to build enough pressure
we can remove the leaking filter assembly if necessary -- so it will be just the reg and one filter --- or even just one filter alone