Ignore the 19v remark, its what left over from a badly edited message late at night

I cant believe i misread amps for volts.. i should pay closer attention.
Ok reading the docs,for the 120W pico psu from your link. the max power from the 5v rail is 6amps(with a peak of

. Peak is just what they mean by surge. With the 1200,accelerator and hdmi converter(assuming it really does pull 1 amp) you are possibly maxed out.
some thoughts:
The hdmi converter is putting you over the top slightly. try running w/o it and see if all is ok. maybe use composite or rgb.
some power supplies share the 3.3/5v rail and need a dummy load on 3.3v to regulate properly. doubtful the case here but the docs do not say its shared or not.
The docs say it will hit overload protection and shutdown at 13 to 13.5v input.. check the 12V psu coming in under load and make sure it doesn't hit 13v+
the docs say:
"At max load, forced air ventilation is required. For fanless operation de-rate the output of the 3.3
and 5V rails by ~20%. Peak load should not exceed 60 seconds."
so, if we de-rate it(i assume you aren't fan cooling it),then you lose 1.2amps of power.. that leaves you with 3.8amps on 5v fanless-less than the stock 500 psu.
There lies the trouble i bet.
I think its a case of you being dangerously close to the max this psu can do. Its not uncommon to find stuff that doesn't match/meet spec exactly, and its never a good idea running a psu at max capacity. The derating for no fan is likely the problem.
Mech