Anytime there is an octo free flow... or any reg with a slight free flow, there are a few steps you should go through. The first is actually checking the first stage. Since the first stage job is to take the pressure down from 3000 to 145 - if it has a slight leak by the valve (known as IP creep - Intermediate pressure creep) it will make which ever second stage is tuned the easiest start to leak... that pressure has to go somewhere. So if one second stage is leaking, you toss on an IP gauge. If you don't have an IP gauge, you pull off that hose and put in a plug, then if that makes the other one start to free flow - you know the problem is in the 1st stage.
But if not - we know it's the second. Now you should not really adjust them with that nut. You've got a rubber seat sitting against a sharp pipe (the poppet) and turning that can score the seat. The way most all are adjusted is by taking off the hose at the octo end, and if you look in there, there is either a flathead screwdriver fitting, or an allen fitting. You want to push in the purge button, removing the seat from the poppet, then turn that slightly clockwise. That brings the poppet closer to the seat. Turning the nut will bring the seat closer to the poppet, but will also change the height of the lever, which might give it a delay when you inhale before it hits and opens.
If yours is working right, you probably did not hurt anything - as the proof is in the pudding, but that would be the standard procedure - and it all depends on the internediate pressure of the 1st stage, and how easy the octo is set up - and it is very possible that the seat gets broken in after some dives and needs a slight adjustment - again based on the IP and how easy the octo was set up.
If you look at this blow up picture:
The rubber seat is # 13 and will be sitting at the left hand side of part 14, and you want to adjust number 11, instead of #22. See turning 22 can make that whole rod spin and score the seat. By depressing the purge, you move that away from the poppet, then it can be screwed in or out to make the adjustment.
But either way... if it works at this point - you are probably fine.
Ok... big legal disclaimer... I'm not telling anyone to do this themselves... Just telling you how we do it. (There... now the attorneys are happy!)
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Ok, I was worried this post was not long enough... so here's some more!
I re-read the post... and saw it was the gyro octo (hadn't had my coffee) and for that, you don't take off the hose... just the cover on the 90 degree swivel... Then it's a 3/16 allen that fits that end.... Ok... I'm going to make some coffee!