The amount of air you can use to propel the ball is limited, though, by the length of the barrel - specifically, the close-bore, unported section of the barrel. Which is about 6 inches in general. I think, from memory, this is technically possible on around 100psi or so, but it would require the "perfect" valve, which of course doesn't exist. There have been a couple of designs that operated down to 75-85psi, but they need a full 12" unported barrel to get the right velocity, and have tended to be unreliable and inconsistent.
The lowest practical pressure obtainable in the real world, with a normal barrel and consistent operation, is probably somewhere around 120-140psi. But there's no point striving for the lowest pressure possible because efficiency will be crap. There are many variables that determine overall efficiency, but in general the useful amount of energy carried by a given volume of air will peak at a certain pressure, which in the average paintball gun seems to be around the 300psi mark, give or take 100psi either way depending on other factors.