Some of the terminology you are using is making it a bit difficult to follow, but I think I got the gist.
Console = SPG (Submersible Pressure Gauge)
Stage 1 = 1st Stage of regulator
Valve in console = I'm assuming this means the spool as I don't know of any valve between the 1st stage and SPG
So if my understanding is accurate, your SPG was reading low. Took to your local dive shop and they replaced the spool. The spool is just a small metal tube with o-rings that allows the SPG to swivel without leaking. So, as long as the spool is not leaking or clogged, there is no reason to replace it.
Can't think of a 1st stage issue that could lead to this. The SPG hooks up to the high pressure port. This is essentially open to the tank pressure, so you'd either read nothing or the tank pressure. 1st stage issues can lead to issues in varying pressure at the low pressure ports, but not the HP port.
SPG is most likely bad. Replace it. If the new one reads as expected, then you found the issue. If it still reads 200-300 PSI low, then the problem is probably the dive shop pressure gauge reads too high.