@KevinTrew while on that same dive??!?
I won't be attempting to do that any time soon ...
we actually make our AOW and Rescue students take the reg apart underwater, leave the diaphragm and cover on the bottom of the pool and practice air sharing exercises with both students missing the guts of the regulator. What
@Dirty-Dog did is actually quite simple, just have to be careful not to drop anything.
my answer for the original question is whatever I am able to fix, comfortable fixing prepared to fix, and willing to fix.
There are things you can't fix underwater, mainly true failures of the first or second stages. If the 1st stage has IP creep you can't fix it, and if the second stage won't seal, you can't fix it.
There are things that are possible to fix, but I'm not willing to be prepared to fix because I'm not willing to fix. i.e. HP spool o-rings *and I know someone who has replaced them in the middle of a cave dive. I hate doing that at the surface and it's just not a failure I'm willing to mess with underwater, hell or even at the surface.
There are things that I'm comfortable fixing, and if I'm prepared to fix them *i.e. have stuff with me*, then I will fix it. I don't bring that stuff on every dive though. What I bring with me to be able to fix things on an expensive ocean dive or a cave dive are going to be very different than the essentially entire lack of tools that I will bring with me in a lake or quarry. I'm not going to have any wrenches, o-rings, or anything like that with me in those environments because it's easy enough to surface and repair.
Things that don't require tools to fix should be fixed though. Debris in diaphragm seals, loose hose connections etc. is all super easy to take of underwater and if you know how to fix them, there is no reason to surface.