Leaks and/or poor performance.
Many 109s have spent a long time in storage before they show up in the used reg market. I would expect the orifice o-ring to be pretty old although I have seen some that looked more like plastic than rubber and still sealed. More likely the LP seat is engraved and hard resulting in poor performance at best and likely a slight leak. Cranking down on the adjuster may stop it but will further reduce performance. Older exhaust valves were not of the same material as modern versions and should be expected to leak water in resulting in wet (maybe real wet) breathing.
If you put it on a tank and it breaths well with no leaks, it may well be OK. But it really is a very simple reg to service and a good place to start DIY. The 109 poppet has gone through a number of upgrades. If yours has a fixed seat, either riveted or bonded directly to the poppet, it really should be upgrades and the rest of the reg serviced (2 new o-rings and a critical look at the exhaust valve). If it is one of the newer poppets that takes the replaceable hockey puck style LP seat, then it may well be usable with just cleaning and lube (since you are there anyway).
Another possibility is that it has already been upgraded to a Balanced Adjustable. You will need to remove the clip and the adjustment knob and then dump out either a spring pad and a heavy spring or a balance chamber and a light spring to tell. You will need to do this anyway to know what kind of service kit to look for. If it is upgraded already, then peek down the barrel at the balanced poppet stem. If it is metal (shiny stainless steel) , it is one of the older versions and probably needs to be replaced. If it is white plastic then it is a newer version and again may be OK for a while.
Edit: New exhaust-Ts may be hard to come by so if you have one that is marginal, I'd start looking for a replacement right away. The dry-rot on the exhaust-T is an indication of long storage in unfavorable conditions. I can't see where a little rubber cement on the cracks can hurt and it should slow the deodorization process that will eventually retire that exhaust-T. Plus, if it is bad, you will need to take a good look at the diaphragm and rubber cover. The diaphragm is easy to find but the rubber cover is another part discontinued by Scubapro and real hard to come by so treat it gently.
I have found that it is easy to tell an upgraded balanced adjustable from a non-balanced by taking the hose off and looking down through the volcano orifice. With a flash light you can easily see the small hole in the balanced adjustable seat that feeds air into the balancing chamber (in the other side).
Not long ago I was able to buy several diaphragm covers from Scubapro. I think they just made a new batch of replacement covers. They look very nice. I also got Couv some covers at the time.
Scubapro also has a replacement exhaust T that is supposed to fit, but it feels very hard. I have not tried to install it on any 109 since I have some good originals and these ones seem almost like plastic. It may work after heating it in boiling water. Couv also got some of those, maybe he had good experience with them.