My understanding is that the acceptable range is 140 -- 150, and the usual target range is 145. So 148 is close.
I agree that if the target was 135, then 148 would be alarming. But I think it was supposed to be set to 145 -- that's what the tech guy said they're generally set to.
To answer your earlier question, when they said "pressure at the 2nd stage" they actually meant the pressure that the 1st stage is dropping tank pressure to and sending to the 2nd stage. Lots of people have already mentioned something like that, I just wanted to make sure you understood why they said "2nd stage pressure."
You can find out what the typical IP for this regulator is, but you should understand that the IP gauges used by most of us are hardly calibration-standard. So you really don't know if its actually 148, or maybe 143, maybe 152...unless you check with either a much more accurate gauge or get a good idea by trying a few different gauges.
For most modern, balanced 1st stages, 148 (if it's really that) is a little high IMO. But, for an unbalanced piston 1st stage on a full tank, it's about right. As several people have mentioned, IP stability is much more important and indicative of 1st stage health than the specific IP it's set to. 1st stages' primary job is to step the very high (and variable) tank pressure down to a stable IP; so one of the most common signs of 1st stage trouble is the IP "creeping" up; you can see the gauge slowly rising while the reg is pressurized and the 2nd stage is closed. It's basically a slow leak inside the 1st stage, usually at the main valve (hp seat) but sometimes at the tiny o-ring that seals the balance chamber common to balanced diaphragm 1st stages. That's what Herman was mentioning.
When I rebuild my own regs, which are mostly balanced piston, I set them much lower; 125 PSI. There is a theoretical advantage to this and a disadvantage; the advantage is that IP rarely goes down as the seat wears; almost always up, and setting them low gives me lots of room before I need to rebuild. The disadvantage is that the flow to the 2nd stage is lower; but since my 1st stages flow plenty of air, I don't worry about it. Assuming your 1st stage is a fairly typical balanced diaphragm, 148 sounds pretty high, although you didn't mention what the supply pressure was when they checked. Even though all (I think) modern diaphragm 1st stages are balanced, its possible that there is a slight rise in IP as the tank empties. So, if 148 was with a near-empty tank, they might measure it with a full tank and get something in the low 140s or even lower.
If you're really interested in this topic, even after reading this thread
, you can get Vance Harlow's fine book on regulator repair and you'll find an excellent, easy-to-read explanation.