Perhaps so: but the photo below, illustrates just how much corrosion can be found within a first stage whose exterior appeared otherwise immaculate. The part was completely pitted; had to be replaced / upgraded; and was no cheap fix -- far more than an annual rebuild would have cost, even in pot-addled San Francisco . . .
Sure, that's quite an example of a corroded reg and in no way indicative of what the OP has right now. He wouldn't know until he got it serviced, which he should do anyway since buying used. Open it up and take a look. Buying parts for modern day regs even a new piston is still far cheaper including servicing then buying most brand new regs.
You got a deal, get it serviced and cleaned and take it diving. You weren't screwed, sometimes things like that are par for the course when buying used.