<p> Well, that was a little easier than expected . . The IP checked out at 130PSI so as soon as I pulled off the cover I noted what looked like a barely used piece of equipment. Yes, the diaphragm is kind of cheap rubber not silicone and it was not looking great but not too bad either. The root cause of the leak by appears to be that the little demand lever height adjustment nut was run all the way down. The demand lever was sticking up at about a 70 degree angle and about a half inch above the plane of the housing edge - backed off the nut with a 7mm nut driver until the lever was about the same height as the edge. Checked the spring and valve assembly, cleaned everything up, put it back together, onto a tank and presto. Works just fine with no leak by.
Thanks, guys