I leave the octo (necklaced) reg cranked down unless I go for it. Then, I make it easy to breathe for me.
Most regs have a cracking pressure of about 1.5" of water. That means, if you put a dry reg face down into the water, the inch or 1.5 inch distance between the diaphragm and the mouthpiece shouldn't cause a free flow. Push it down a bit too fast, the resultant pressure with the added venturi effect through the mouthpiece and the resulting free flow can be almost distressing as the "not so silent world" we dive in on the reef.
Work of breathing is a combination of many factors. The lever arm, the size of the diaphragm, how the two interface, the IP (intermediate pressure), the pressure of the spring on the seat, the strength of the spring causing that pressure, the various venturis in the system, back pressure from the escaping gas and I'm sure I've missed a few. If any of these are out of range, even a tiny bit, it can really affect how easy/hard a reg is to breathe. It's easy to tilt the system so that you feel air is being rammed down your throat at the slightest provocation or that it takes considerable effort to get any air out. Compounding this, is a second stage's ability to handle an attitude change. Flip on your back some time and see how your reg breathes.
Here's the kicker: what's good for you may be horrible for me. It's my opinion that there are no really crappy regs being produced anymore. There are certainly differences in strategies, materials and breathing characteristics, but there is no one reg that will please every one. My favorite reg is the one I am breathing on. I have a high tolerance to variance in breathing characteristics. Sure, I've breathed on a buddy's reg and had to wonder how they can survive on such a crappy reg, but for the most part I simply breathe in, then out and repeat. I'll play with the screw a bit and bring it out to where it just bubbles and then screw it back an eighth of a turn or so, but I think that's more habit than anything.
To answer your question (finally, right?), cracking pressure has probably more effect on work of breathing than anything else. You have to work harder for the same air.