I know this is going to sound strange. You may have one of two problems.
First check your ground lead by pulling on it. Look for the insulation to stretch indicating the conductor inside is broken. If ground lead is good, now for the strange one. screw the cap of 1/8 of a turn at a time until torch starts to cut. It has some thing to do with the electrode to tip distance and the shape of the plasma arc.
You might be able to stop the air leak by unplugging the fitting that's leaking, clean with a little solvent and push back together. Push in on the ring then push in on the hose turn and pull out. It should release.
Also you have a system that you can drag cut with. It is only a 12 amp plasma and the pilot and cut current is the same.
With larger machines, As a rule you can drag cut up to 30 amps. over 30 amps you need a drag shield that sets the cut height for you.
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