Hi, eightdigits
Try setting the Step Pulse and Dir Pulse to 5 see if that helps, It's under Config - Motor Tuning, this increases the pulse width time sent out by Mach3 giving the stepper box more time to see the step signal and respond. If this helps back it off to see where the problem starts then increase it back up 1 unit as it dose affect the max speed you can run.
Your Volt meter reading's are probably just fine, your stepper control is probable set to two windings being on at a time like ab, bc, cd, da..... or 12, 23, 34, 41..... more torque than a single winding,
Hope this helps, Chip