Everyone has their own twist. I use 3/8 poly and have foam generators. Your air setting should be lower than your liquid, but as for actual pressures, it all depends. You'll have to set it like Earl said and just start adjusting until you have the right consistency at the bays.
My air and liquid solenoids have a metering screw to allow me to adjust the volume of air but keep the pressure the same. This comes in handy for fine tuning each bay, since one setting for the closest bay won't necessarily work for the farther bays.