Lost Fin
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It is always advisable to get a new (or old) guitar.
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Since you posted, I suppose you really want us to give our answers to your question. There is only one answer: I say buy the regulator. Since I can't play any musical instrument, it's a no brainer. That's what I would do.
How often do you dive?
How often do you play a guitar?
Answer these out loud and you'll know immediately what the choice should be.