The contact points will not open automatically.Is there a pressure adjustment that can be made that will allow them to function correctly?

Depends. It could be that they are not opening because the pressure is not getting high enough for the switch to cutoff. If that is the case, then turn off power, take off the grey cover, and turn the large center nut two or three full turns counter-clockwise. See if the points open when that is done.

If that doesn't work, then use an emory board or some sandpaper folded in half to sand the points. Three or four strokes should be plenty.

What does your pressure gauge read?