That little black o-ring in your photo is a tricky one to get installed correctly; it is the seat for the pilot valve. The originals were very soft. (Neoprene, maybe) I found some 40 or 50 duro silicone ones that worked fairly well and sent a handful to someone, maybe rsingler.
The main valve seat is the o-ring that is captured in the cap, and if I remember right I had to try a few sizes to get it. It also seals best if it's soft. There was a thread about this several years ago in which I posted about rebuilding mine.
I haven't used mine is years; I have a couple of converted pilots that breathe just about as easily, and are much more consistent and less finicky. Still, anyone who's a regulator nerd like some of us will happily while away the hours working on them.