But back to checking IP...
My new IP gauge just came in the mail, and I had some tanks rented over the weekend for some diving. So afterwards, I did the IP-related checks on all our regulators -- 2 Sherwood Magnums (old and newer, both balanced pistons), and 2 Mares R2's (unbalanced pistons). I used couv's excellent Regulator Inspection and Checklist (Rev-7).
Newer Sherwood Magnum 5900: IP was 130 psi, and steady. Sherwood specs are between 135 and 150 psil
Old Sherwood Magnum 3300: IP was 140 and steady. Same specs.
One Mares R2: IP was 125 and steady. Mares specs are 9.8-10.2 BAR, or 144-150 psi.
Second Mares R2: IP was 120 at first; but then crept up to 130 over 90 seconds, and stabilized there.
I talked to the owner of the LDS here where I rented the tanks. He agreed with you-all -- the IPs on the first three regs are acceptable, though not technically within Sherwood or Mares specs. He'd be worried if they were below about 120 or above 160.
But he said the second Mares shouldn't be creeping like that at all, even if it eventually stabilized. He surmised a scored seat (unlikely, since it was serviced four months ago), or a damaged orifice. Or maybe some grit in there. Resonable conclusions?
Oh... regarding the leak test, where you shut off the valve and see whether the HP drops over a few minutes. Remembering the Sherwoods have the dry-bleed system, how much pressure drop is acceptable? The 5900 didn't drop at all over a few minutes, despite the fact that there is a tiny stream of bubbles when underwater. But the 3300 dropped about 200 psi in 5 minutes.