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I would not worry about a little brass exposed. With reasonable care , it will tarnish (darken) a bit but should not turn green or cause any problems as long as you can get the exhaust valve to seal OK. I believe the big foot lever will not work correctly with modern poppets. I managed to reshape one and got it working fine but that is not recommended. (Now I don't remember which regulator it was so it will stay that way. Ain't broke, Don't fix it.)I think new levers run about $8 but I did not have a source when I was restoring that reg, The way I see it, a regulator is a lot like a good pick-up truck. If you can stand a few scratches and dings, don't use it.