Powercrafter may need to run at higher pressure....
Just after I got my Powercrafter some months ago, I talked with Andi Wolfe about the requirements for the air regulator, etc. and she told me for much of her carving and piercing work with the Powercrafter, that the recommended 45 psi operating pressure doesn't produce enough torque to do consistent cutting without bogging-down, and that she often runs her Powercrafter between 55 and 60 psi (using a full-time inline oiler). Just this afternoon, I was running mine at 58 psi on some ziricote, and it was working just fine (i.e. without bogging-down).
Other suggestions......I've been in Binh Pho's class (in Omaha) on turning, piercing, and air-bushing his vessels, and would also recommend his two DVD set. He turns a lot of box elder...VERY thin; he also bleaches the wood and thus produces a fairly stable, thin-walled blank 'canvas' for his piercings and ultimate air-brush artwork. Lots of very specific technique hints in both his live class, and in his DVDs.
At the AAW symposium this year in Richmond, I was a demo assistant for Malcolm Zander, and if you want to see some absolutely outstanding piercing, check-out his on-line gallery:
http://www.malcolmzander.com -- something to aspire to! He uses an air-compressor-driven dental drill and refines his piercings with 'standard' needle files, rifflers, and diamond needle files. His pieces are exquisite, especially his "lace" series (IMHO). Note that he turns a lot of pink ivory - I assume, 'the harder the wood the better', more or less. I got A LOT out of his very well-organized and clearly presented demonstration.
See him if you can!
Good luck on your piercing, from another beginner....
Rob Wallace