Here's my attempt to help this dead end thread.
The air governor on the firewall regulates when the compressor goes on and off. Cut in and cut out pressures. If you pressure is over 150 and the protection valve opens to bleed off air then your governor is bad. The governor is the only thing that tells the compressor to stop making air.
The ppv valve, as was explained earlier, separates the 2 air tanks. Tank 1 operates brakes, tank 2 has your accessories plumbed into it. At around 60 psi the valve should close, protecting the brake side from a leaking accessory. Any air from the compressor only goes into tank 1, until 60 psi is reached and the valve opens.
A faulty ppv will not make your pressure exceed the governor setting.
The governor is adjusted by removing the plastic dust cover on the end and tightening or loosening the nut. I think it takes a 1/2". In for more pressure. If the governor needs to be adjusted more than 5 - 10 psi it is probably bad and needs replacement. Most of the time when they go bad they stick in one position, usually all the way open or closed. If you start your truck and it barely builds any air, tap on the governor, it will usually start working again and you can drive your truck into the shop.
If you have to adjust it from 150 down to 130 where belongs, the governor is probably bad and in a week or two it will be regulating itself down to 110.
I hope this helps someone. I hate reading 50 pages of thread on a topic that has no resolution at the end. It better at least have pictures!