Lets hold up here a bit.
There are 2 adjustments on (most) modern regs of this type, I suspect this one has both.
The orifice adjustment, which is done from INSIDE THE HOSE connection and the lever adjustment which is the nut you see. These have to be done in order. This is assuming you have just a slight freeflow and is not initial setup.
First remove the hose using 2 wrenches (you may need a thin one) and look inside the hole. You will likely see either a flat screwdriver slot or look carefully, a hex shape in the hole- this is often hard to see, sticking hex keys in to see if one grabs is sometimes the only way to tell. If you see a screwdriver slot or have a hex shaped hole, you have an adjustable orifice.
This is a generic adjustment but should work.
1. ensure there is a little bit of play in the lever. It should move freely just slightly, 1/16 to 1/8 is ok at this point. If it does not move, adjust the nut out slightly. This will require a straight screwdriver and wrench ( a pain to do) or a special tool. This should be checked with the reg pressurized but adjusting it for excess now is ok too.
2. from the hose end, turn the orifice clockwise in (screwdriver or hex) no more than 1/8 turn, reconnect hoses, pressurize the reg and check for leaks. With the inline tool this can be done more easily, without one, it's a trial and error but with a little practice it's not bad. You may have to repeat this step a couple times. There is no need install the hoses more than finger tight at this point, tighten the hoses with a wrench when you are done with the adjustments.
3. With the reg pressurized, check for a slight freeflow and that there is still some lever freeplay. If there is no freeflow and some lever play, move on to step 4, if there is no lever freeplay, adjust the nut slightly to establish some freeplay. If you have lever freeplay and still have a freeflow, go back to step 2 and repeat. If you repeat this several times and have turned the orifice around 1/2 a turn total, I would start to suspect a bad seat or orifice.
4. Completely assemble the reg, pressurize it and listen for a freeflow, shake the reg, listening for the lever tapping against the diaphragm. A slight tapping of the lever (indicating some freeplay) is preferred. If no tapping is heard, the lever may need slightly more freeplay. Excess freeplay should be removed by turning the nut in slightly. The purpose of this is to ensure the lever is as close to the diaphragm as possible but at the same time ensure it is not being slightly depressed by the diaphragm which can cause a slight freeflow when the reg is assembled. Since it is not possible to see the spacing and difficult to measure, this audible test is the easiest to do. As the seat takes a set over time, this freeplay will also help reduce the chance of a freeflow as the freeplay will be taken up as the seat sets. Setting it tight at this point may require an adjustment down the line.....which may be your problem now.
Hope this helps. Be sure to check your hoses are tight.
