It's common to reduce the IP in a cold water regulator as it reduces the flow rate which in turn reduces the amount of adibatic cooling which is one of the major causes of first stage freeze ups in the first place.
Car guys are pretty familiar with engines and horse power so I'll try this example. To get more power from an engine, you enlarge the bore and/or lenghten stroke and/or smooth the flow passages and/or you increase the RPM and/or you add a supercharger or turbo charger to compress the air going through the engine and increase the manifold pressure. With any of these approaches you improve the mass flow of the enigne and power output is directly proportional to the mass flow (not exactly, but more or less).
Regulators work the same way. The higher the pressure of the intermediate pressure air going through the first stage passages, the higher the flow rate of the regulator since the higher pressure of the air allows more mass to flow through the regulator's passages in a given amount of time.
On the other hand, there is only so much you can do with a small engine or a "small" first stage. You can increase the intermediate pressure but you have to keep in mind that the pressure of the air inside the regulator is also increased by ambient pressure by about .5 psi for each foot of water depth, so eventually you go beyond the point of diminishing returns as the increased viscosity of the gas under increased pressure at depth begins to reduce the flow of gas through the passages in the first stage more than the increased pressure increases it. With an IP of 145 psi, at 150 ft, you will have an actual pressure inside the first stage of 225 psi. If you bumped it up to 170 at the surface, it would be 245 psi, at 190 psi it would be 265 psi, etc. That air is a lot thicker than the air you are going to put through even the most highly turbo/supercharged car engine - and that much thicker air starts moving a lot slower.
As a teen who liked to go fast, there was only so much I could do with the very limited displacement of the 4 cylinder in my Chevy Vega, so it got thrown out and was replaced with a 350 small block. It was a much bigger engine with much more performance (and growth potential) and was a far more efficient solution than trying to get seriously fun performance out of a production 4 cylinder motor.
In the same manner, if you have to boost the IP above the normal maximum IP range of about 140-145 psi in a first stage to get adequate performance, you really need a small block...I mean a bigger first stage.
Also, to be able to benefit from the additional horse power in a Vega, it needed a new transmission (Turbo 350), much larger tires and ladder bars as the drive train became the limiting factor when the motor was replace.
Similarly, in a second stage the limiting factor in all cases is second stage performance. Even the highest performing second stage will not flow more than about 70 to 75 SCFM, so if you have a first stage that will flow 175 SCFM at an IP of 145 psi or alternatively will flow 145 SCFM at a lower IP of 120 psi, who cares? At the reduced flow rate of 145 SCFM, you still have 70 to 75 SCFM more flow rate than you can use.