I am really interested in this problem, especially in the context of muscle pain and chronic fatigue syndrome. The mechanisms controling blood flow in the microcirculation are perfectly described in physiology text-book by Traczyk (unfortunately in Polish).
Briefly, they involved release of metabolits, .e.g. ADP, that cause dilatation of precapillary arterioles, which in turn causes increase shear stress affecting bigger arteries, e.g. femoral artery, and their dilitation (via NO secretion). Together with these regional changes, there is an activation of the sympathetic nervous system, which additionally drives flow to regions of increased demand.