Fortunately he will be under water
...with high O2 in contact with combustable material...at sufficient temperature for ignition.
Underwater fire... scary huh? Especially when it's connected to an explosively high pressure tank strapped to your back...and you're mouth is wrapped around a hose connected to it....
Think it's impossible? Then how do commerial divers weld metal underwater? Oh yes... they use high O2....
A fire needs three elements:
Oxygen. Fuel. Temperature (ignition).
High O2 mix. Oxygen. tick!
Ti or contaminated (non-O2 clean) Regulator. Fuel. tick!
Gas friction through the regulator 1st stage. Temperature. tick!
Ka-boom!
Water normally smothers a fire, by reducing the oxygen that can reach the material it prevents combustion. If you have a direct, high%, oxygen supply to the fuel...then you still have fire, even if underwater.
With very high %O2, the need for high temperature and combustability of the fuel is decreased. A little hydro-carbon contamination inside the reg 1st stage is sufficient fuel. The temperature caused by gas friction through the reg can be sufficient temperature. The high O2 can cause ignition of the initial contaminant material. That, in turns,super-heats (due to the O2) and ignites other combustable materials... rubber hoses, o-rings (
even the O2 suitable ones have a combustion point). Those create further heat. That leads to further combustion in 'non-flammable' (
pretty much anything is actually flammable given enough O2 and temperature) items such as metals...
For the OP: You won't be using >40% until you start technical diving. That means Advanced Nitrox and Deco procedures. >40% is only used for accelerated decompression. That means you would have a dedicated O2 clean regulator on a stage deco cylinder containing the high O2% mix. You'll be spending
a lot of money to train and equip yourself for that sort of diving.
The best bet for a stage deco regulator is something basic that can be easily O2 cleaned. Apeks '50s are perfect. I guarantee that you could pick one of these up on Ebay/Craig's List for a lot cheaper than converting your Ti regulator into a deco regulator.... if you can even get the conversion done...