The Mk21 was designed by Scubapro as their "value" Mk25.
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Sacrificing the turret for manufacturing simplicity and lower cost, it was designed in part by a former motorcycle engine designer; hence the odd (abortive) external design that never really took off.
But in almost every internal part, it's a Mk25. The seat, springs and piston shaft seal are all Mk25. The piston shaft ID is identical, though it's a shorter part.
The posters above have hit all the key points. The IP drop MUST be related to one of four things: 1) knife edge/seat flow restriction, 2) friction, 3) input pressure/flow restriction or 4) measurement error.
I couldn't quite discern from the description of the test setup, but tapping the IP from a bcd hose is reasonable. The first thing I'd do is remove the (new) sintered filter and throw the reg set on a tank with the largest visible gas outlet in the valve, making sure it's full and wide open. That will eliminate 3). Eyeballing an analog IP gauge on a bcd hose is good enough for 4).
The only potential weakness in the Mk21 is its shorter piston. Much like the transition from the Mk5 to the Mk10, ensuring proper piston alignment was part of improving flow. The Mk21, like the Mk10 & 25, has its piston head land inside the reg body (instead of the screw-on turret). But it is so much shorter that (theoretically), there could be slightly poorer axial tracking, and internal friction could play a role.
If the knife edge is perfect and the seat is new, then gas flow should be nominal at the interface if IP is at specification
unless for some reason your spring constant is much higher, and valve opening is restricted at a given IP. So to eliminate 1), I'd replace the mainspring.
Finally, internal friction should be revealed by using a cheap USB microscope to inspect the piston shaft, the OD of the piston head and the piston head land in the body. Any scuffing would implicate 2).
Unless this is a new phenomenon in a reg that has shown better performance before, I'd pick the the spring.
If it truly is a new change and there's no scuffing inside, I'd pick the tank valve flow or the sintered filter. It's just logical that if the IP flow can't keep up with the wide open second stage valve, there must be an obstruction. A clogged or poorly manufactured replaceable filter would seem to be the statistically likely culprit.
A fascinating case!