Hi 72chevy4x4.
I don't think you'll find much difference from increasing the O2 pressure, but experiment. Seems like different folks like different O2 pressures. Shaley's 30 psi seems common also. Sure can't argue with his results.
On 5/16" I would use the largest tip you have if it came with more than one. Examine the edges of what you are thinking are good cuts and not so good cuts. If you are moving at about the right speed, you should see sort of regular up and down marks on the edge, with little slag on the bottom of the edge. If you are going too slow, the cut line will tend to cave in on itself and look slaggy.
One thing you can do to keep the cut going is tip the cutting flame into the cut more. Keep in mind that although the actual cutting is being done by the oxygen flame, it is sort of critical to maintain a uniform distance from the surface. It doesn't take much deviation to disrupt the cut. I found that to be one of the more difficult aspects to master. Dargo's suggestion of knuckle or finger dragging works good. I use my left hand sort of like propping up a pool cue to accomplish same.
The last thing I'll suggest is to check your O2 flame out of the cut if you are having problems and make sure it is still putting out that nice slender long flame. Any flaring or irregularity will affect your cut. Keep the end of the tip clean and flat also.
Pretty soon, all this will be ordinary to you and you'll start to enjoy the process. Good luck.
Mike