I just put together a minimalist regulator for my new pony bottle. I converted an old MK5 to MK1 with a 200 BAR DIN connector (thanks axxel57). I like the low profile and the fact that the MK5 has seen decades of reliable service. Finding the parts for this regulator makes it not a practical option for most, but it would be pretty easy to put together a MK9 DIN that would be almost as compact.
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We use Mk 9s and Mk 8s as our O2 decompression regulators. The Mk 9s are smaller than the Mk 8s unless you use the Mk 1 cap, on them, and they come into their own as very simple and elegant designs.
It's almost as bullet proof as a Mk 3, Mk 200 or Mk 2.
a touch bulky on a pony, and then there is that whole DSV (or some form of a plug) need since it isn't in your mouth....
DA - do you really feel the 108hp is better than the 109/156? I like that I can also crank the adjustment on it to keep it stable, yet back it off when i need it....
The 108 HP, or the older single adjustment (fixed orifice) 080 second stages have the edge in size and weight, but it really depends on how you use your pony bottle.
If it is carried on a primary tank with the valve on, the Adjustable or Balanced Adjustable second stages have an advantage in terms of being able to tighten the adjustment screw down to increase the cracking effort and prevent unintentional gas loss. If you're carrying the pony as a slung bottle, with the valve off, then the HP makes more sense.
On the other hand, if you want both small size and an adjustment knob, the C300 or C350 are very hard to beat, and the design is very simple yet offers very good performance. Sadly, I doubt it will ever catch on much in the US, particularly with the back seat marketing treatment it gets in the US from Scubapro.
The same use issue comes into play with the Sherwood first stages, using an air bleed system to keep the ambient chamber dry. If you're carrying your pony reg with the valve on, you'll be bleeding gas each and every dive. The breath or two that adds up to with a AL 80 sized tank isn't a big deal, but on a pony bottle it can force you to top of the tank every couple of dives.