The unloader and check valve appear to be working OK, from your check, so that leaves the starting capacitor (if it has one) as a possible culprit. That should be mounted under a "bump" cover on the outside of the motor.
If the start switch inside the motor is bad, I doubt that it would start up at all without spinning the motor by hand to get it going.
You can probably adjust the pressure down, but it won't run air tools very well at 50 PSI. Most air tools want at least 90 PSI to work well.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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