To add to Bob's answer, the key is not really the amount of weight applied; it is the amount of weight per unit of surface area. In the US, this is generally given in terms of PSI (pounds per square inch).
The formula to determine the PSI is weight / ((radius of mold)^2 * pi). So for a 50 lb weight on a 4" diameter mold (2" radius), you would get 50/(2^2 * pi) = 50 / 12.57 = approx. 4 PSI.
If you know the intended mold size for the 5-6 lb. cheese and the amount of weight recommended, you can work out the PSI for that make, then see how much weight you need to apply to your smaller mold to get the same PSI. If you are really a glutton for punishment, here is a post exploring the relationship between volume of cheese and size of mold:
http://cheeseforum.org/forum/index.php/topic,14911.msg114054.html#msg114054Alternately, you can take the empirical approach: at first, add just enough weight to get a trickle of whey coming out; gradually increase, flipping the cheese with each increase, until you get a good knit. In the case of a cheddar or other hard-to-knit cheese, I'd recommend using everything your little press will give you for the final pressing. Evaluate the results, and make adjustments the next time around.