Yes, that is much too large a mold for that size of a make - I don't like to do less than 6 gallons in those 7-8 inch molds for a hard/aged cheese. Your 6 inch mold would have served much better. Since your cheese is so thin, you'll probably want to wax or vacuum seal if your going to age it. But you could also enjoy it fresh, it should have some mild cheddar, cheese curd flavor.
Your final weight of a little under 2 lbs sounds spot on to me for a 2 gallon cheddar make - hard cheeses fall in the range of 1 pound cheese yield per one gallon of (whole) milk. Cheddar, being lower moisture, is going to fall on the lower end of things. (A skim milk, high-cooked parm-type would be the lowest, while full-fat washed-curd types will be on the higher end weight-wise.)
For pressing a cheddar, I pretty much give it all I can (in increments over time) - its probably the hardest cheese to get to come together, since the curds have dried and acidified so much during the cheddaring process, and then dry salted to boot.