Assuming all the obvious places are not leaking, here's what I would do: I would pressurize the reg, put the tank and pressurized reg in the water while breathing through my snorkel and look at the whole setup while under water. There should be NO bubbles coming from anywhere on the reg. Look at the SPG hose. That HP hose has weak spots built in along its length that will spring a leak before the whole hose fails. If they are leaking, you'll see bubbles coming from the entire length of that hose.
I wouldn't be surprised if your bleed-down was caused by several very small leaks that should show up under water. A few little bubbles can add up over time.
I wouldn't be surprised if your bleed-down was caused by several very small leaks that should show up under water. A few little bubbles can add up over time.