The amount of pressure that I apply to the PC varies by what type of product I am using. No matter what I am using, I never put enough pressure on the PC that it bogs down. With waxes and sealants, I always let the PC do the work under its own weight. I only use pressure if I am working with certain polishes in an attempt to remove defects. With a PC, the number of passes over an area, the aggressiveness of the pad you are using, and the product can be more important than the amount of pressure you are applying.
When you are applying waxes or sealants with a PC, you normally aren't trying to remove any defects. While I normally apply waxes and sealants by hand, the few times that I have applied these with the PC I ran it between 3 and 3.5. A high speed isn't needed as you are just spreading the product around and working it in. As for knowing when to move on when applying wax, use the same rule of thumb that you would when applying wax be hand. While it can vary by the product you are using, work the wax/sealant in until it begins to haze/you have ensured complete coverage of the paint surface.