A cold-water reg in perfectly good shape and properly adjusted might freeflow on you because (1) it got some moisture in it, (2) it never got some moisture OUT of it since the last rinse, or (3) because it got too darn cold. The warnings about not test breathing until you are underwater are about reason 1. Reason 2 has taught me to be darn sure I take my "dried" reg and gently shake to get out possible remaining water (at least 1 in 10x there is a drop or 2), before allowing to dry at least a couple hours more. Reason 3 can get you a freeflow if you set your gear out in the cold too long before diving, leave it in the car all night, or cause a high rate of flow (has a cooling effect) by doing something silly like filling a SMB (worse yet, shopping bag, lift bag or other large item) using your octo reg instead of exhaust air. Use an appropriate reg (meaning model, condition, settings all correct) and watch out for these 3 causes and you shouldn't have trouble.
"Shouldn't" meaning that on a rare occasion it might flow just because your stars are aligned unfavorably. But at least you did what you could.