I agree with RTodd that an annual service is a good idea, particularly for any reg you take in an overhead environment.
I have found that SP regs will normally go well beyond the 1 year service interval and the time between servicing for some of our customers bears this out. But the number of dives is much more important than the number of months since the last service. I put about 150 dives per year on my regs and given that I dive independent doubles they are each used for about 1/2 of the time on each dive. (I also rotate the first and second stages from left to right tanks mid season to ensure equal use.) I normally get through a whole season but at the end of the seasons the regs definitely benefit from an annual service whether they need it or not. If I dove 30 dives per year, the first stages would arguably go for 5 years, but I would not advise doing that.
I have not generally had a problem getting SP regs to IP's of around 120-125 psi. You need to remove the shims and back off the seat retainer adjustmetn if present, but those steps normally work. If not, trade spings until you fnd one that is slightly lighter. On SP's Mk V and Mk 10 regs, the servcie kits come with 3 seats and one will usually get you down into that range with the shims removed.
First stages are less liekly to have something break if the first stage floods during the dive (possible on a deco bottle, unlikely on the primary or backup reg) as they are for the most part flow through designs that will push water in the first stage through. They also have no soft rubber diaphragms that could be potentially overstressed by an incompressible substance like water being present in the first stage as can occur with some diaphragm designs.
A piston reg should however still be dissassebled, rinsed and dried after this type of abuse. Unbalanced "flow by" piston designs in partiucular can trap water in the compression chamber where it is nearly impossibel to remove by running air through the reg.